Krasnodar Closes Order Book for Krasnodar Municipal Bonds
OREANDA-NEWS. November 07, 2011. The order book was closed for accepting applications for acquisition of Krasnodar municipal bonds for 2011 as certificated securities payable to bearer with constant coupon yield and amortisation of debt with nominal value totalling R1.1 bln. The bonds will reach maturity in 1,456 days.
During book building, investors submitted 20 applications with coupon rates ranging from 8.95% to 9.50% annually. Total demand during book building amounted to R 2.059 mln.
Upon the completion of book building, Krasnodar officials set the coupon rate for the bonds at 9.00% annually. Given the issue prospectus, market situation, cost of placement, coupon rate on the bonds and current demand levels, Krasnodar officials decided to satisfy 16 investor applications with a nominal value totalling R1.1 billion.
Settlements under the deal will take place upon bond placement on the MICEX stock exchange on November 10, 2011.
Placement organisers – Troika Dialog and Sberbank of Russia. Technical underwriter - Troika Dialog.
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