1st Coupon Rate Determined for Issue of Tomsk Region Bonds
OREANDA-NEWS. December 27, 2013. On the MICEX stock exchange bids were received for the first coupon rate for an issue of the sovereign bonds of Tomsk Region with a notional value of RUB 5 bln and fixed coupon rate (government registration number RU34048TMS0).
The principal will be amortized. The bonds mature after a period of five years (1,820 days) from the date of issue.
The bonds will have an amortised repayment structure: 20% of their nominal value will be redeemed with the payment of the 8th coupon, 10% on the date of payment of the 12th coupon, 20% on the date of payment of the 14th coupon, 50% on the date of payment of the 20th coupon. Each bond has a nominal price of RUB 1,000.
During bookbuilding, thirty three investor bids were received for the bonds with the first coupon rate falling between 8.15% and 8.95% annually. Investor demand amounted to RUB 4.85 bln. The issuer made the decision to set the first coupon at 8.75% annually, which corresponds to a redemption yield of 9.04% annually. Due to high demand twenty-one investor bids were accepted for a total of RUB 3.5 bln against RUB 2 bln originally planned for placement.
Organizers: Sberbank CIB. VTB Capital, Gazprombank.
Technical Underwriter: Sberbank CIB.
Underwriter: RONIN.
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