OREANDA-NEWS. August 10, 2011. Commercial Bank Renaissance Credit (LLC), a leader in Russian consumer lending, operating under the Renaissance Credit brand, has placed 3 mn bonds by public subscription with a total face value of RUB 3 bn. The annual interest rate is set at 9.9% for coupons 1 through 4.

“We are pleased with the placement results. The Bank has returned to the domestic Russian debt capital market after a three-year hiatus caused by the global financial crisis. We are delighted to see among our investors both familiar names who invested in our securities in the past and a large number of new names. The bond issue was placed at the top of the yield range, in line with our expectations and servicing capabilities,”said Alexei Levchenko, the Bank’s CEO.

The new bonds were registered with the MICEX Stock Exchange on July 30, 2010 under 4B020303354 ID Code. The bonds are maturing in three years’ time, and are puttable by the bond holders. The bond issue envisages six coupon accrual periods to maturity.

Each bond has a face value of RUB 1,000. The total amount of coupon interest payable for one bond as the first coupon payment is RUB 49.91 (forty-nine Rubles ninety-one kopecks). The coupon interest per bond payable as the second coupon payment is RUB 49.36 (forty-nine Rubles thirty-six kopecks), the third coupon payment shall be RUB 49.91, and the fourth coupon payment shall be RUB 49.09 (forty-nine Rubles nine kopecks).

Renaissance Broker LLC and Uralsib Capital LLC arranged the bond placement.