OREANDA-NEWS. March 29, 2010. The Sakha (Yakutia) Republic’s Series 34004 bond issue was successfully placed at MICEX Stock Exchange through an open subscription. TransCreditBank acted as co-arranger of the issue. Promsvyazbank acted as lead manager of the issue. 

The issue, totaling RUB 2 billion, has a 3.5-year tenor and a coupon rate of 9.75 percent per annum, payable quarterly. Parts of the principal will be redeemed on the following coupon payment dates: 20 % of the principal - on the 8th coupon payment date, 20 % – on the 10th coupon payment date, 30 % - on the 12th coupon payment date, and 30 % - on the 14th coupon payment date.

The issue was placed among a wide range of investors, including banks, investment and asset management companies. The bond was priced at 104 % of par value, which equates to the effective annual yield of 8.41 %. The orderbook was more than 4 times oversubscribed, with orders from 229 accounts totaling RUB 9.4 billion.