OREANDA-NEWS. February 14, 2013. 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, reported the press-centre of Sberbank.     

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.

The order book for the issue of series 07 and 08 bonds by RusHydro was closed on February 08, 2013, at 16:00 Moscow time.

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.

By decision of the issuer, the non-convertible interest-bearing bonds will begin being placed on February 14, 2013. The technical underwriter was Sberbank CIB1. The arrangers were Sberbank CIB, VTB Capital, and Sviaz-Bank. Co-arrangers were UniCredit Bank, Baltic Financial Agency, and GLOBEX Bank. The underwriter was B&N Bank. 

The procedure for the placement was determined by ruling on the issue of securities and approved by the Board of Directors of JSC RusHydro on October 30, 2012.
The bond issuances were registered with the FFMS of Russia on December 27, 2012 (government registration number 4-07-55038-E and 4-08-55038-Е. The notional value of each bond is RUB 1,000. 

1 On the basis of CJSC “Sberbank CIB”

2 Financing provided by OJSC “Sberbank of Russia”