Rate of First Coupon for RusHydro's Bonds set at 12.75% Annually
OREANDA-NEWS. RusHydro finished accepting investor bids for its series BO-09 bonds with a maturity of 10 years. The bonds have a put option after 2.5 years.
The guidance for the 1st coupon was set at 13.00-13.25% annually, which corresponds to a yield to put (2.5 years) of 13.42-13.69% annually. The bonds have half-year coupon payments.
The initial guidance for the 1st coupon was lowered to 12.75-13.00%, and then lowered to 12.75-12.85% annually.
During book building more than 20 investor bids were received. Total demand for the bond issue was around RUB 30 bln. As a result of book building, the issuer decided to set the first coupon rate for the bonds at 12.75% annually. The rates for coupons two to five are equal to the first coupon.
The technical placement of the issue is planned for April 28, 2015 and will be a public offering on the MICEX Stock Exchange. The organisers of the placement were Sberbank CIB and VTB Capital. Sberbank CIB was the technical underwriter.
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