OREANDA-NEWS. April 18, 2012. On April 17, 2012 the order book was closed for acquiring TCS Bank’s series BO-04 bonds with a nominal value of 1.5 bln RUB and a put option 1 year after the sale.

In the course of book building, investor bids were placed with an annual coupon rate ranging from 13.00% to 14.00%. Total demand equalled 2.8 bln RUB.

As a result of book building the annual coupon rate for TCS Bank’s bonds was set at 13.25%. Given the market situation, cost of placement, coupon rate and demand, TCS Bank (CJSC) decided to accept 72 investor bids.

Proceeds from the placement will be used to finance credit and investment activity of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’.

The technical placement of the bonds on the MICEX stock exchange will take place on April 19, 2012. Troika Dialog, Otkritie Bank and Promsvyazbank are the organisers of the placement.

The bank will use the proceeds from the placement to finance consumer credit programmes and to service its clients in all of Russia’s regions.

In 2011, Tinkoff Credit Systems Bank doubled its portfolio of credit cards, which equalled USD 663.4 mln as of January 1, 2012. The size of the bank’s assets increased to USD 915.1 mln. The bank’s capital during the previous year grew by 2.7 times, to USD USD 117.1 mln, mainly due to capitalisation of net profit.