OREANDA-NEWS. JSC RusHydro closed the order book for its issues of series 07 and 08 bonds. Each issue has a notional value of RUB 10 bln, for a total value of RUB 20 bln, a put offer after five years (buyback of the bonds by the issuer if bondholders choose), and a set coupon rate.

The order book for the issue of up to RUB 20 bln worth of series 07 and 08 bonds was opened on February 7, 2013, with a coupon guidance range of 8.50-8.75% annually, which corresponds to the yield of the five-year put option of 8.68-8.94% annually. During book-building, the range for the first coupon was narrowed and lowered, with two revisions having been made.

During book-building, over 50 investor bids were received for the bonds with the coupon rate falling in the range from 8.35% to 8.60% annually. Total demand for the bonds exceeded the initial offering.

Having reviewed the received bids, RusHydro set the rate for coupons 1-10 at 8.5% annually.

Taking into account the market situation, price of the placement, coupon rate, and demand for the bonds, RusHydro made the decision to accept 47 investor bids and place the full RUB 20 bln of the series 07 and 08 bonds.

RusHydro’s series 07 and 08 bonds are scheduled to be included in the MICEX Quotation List A, first level.