Russian Railways Successfully Places Bonds Worth RUB 30 bln
OREANDA-NEWS. The order book was closed for the purchase of Russian Railways' series BO-03 bonds worth RUB 15 bln.
The bonds have a maturity of 15 years after the placement date. The issue has a put option after 5.5 years and a call option after 2.5 years. As a result of marketing more than 30 investor bids were received from a broad range of investors including pension funds, banks, investment and management companies. The BO-03 series bond placement was the first market placement for a term of more than five years in 2014-2015. As a result of book building the rate for the first coupon was set at 11.75%, which is the lowest rate for a coupon among all corporate placements in 2015 regardless of term and 0.75% lower than the CBR key rate.
The order book was closed for the purchase of Russian Railways' series BO-04 bonds worth RUB 15 bln. The bonds have a maturity of 15 years and a put option after 4.5 years. The structure also has a call option on behalf of the issuer after two years. The coupon was set at 11.65%, which is 10 bps less than the rate of the first coupon.
More than 67% of RZD's two bond issuances were purchased by companies managing pension funds, while the rest was purchased by banks and investment and insurance companies.
The placement of BO-03 series bonds was organised by Sberbank CIB, VTB Capital and Gazprombank.
The placement of BO-04 series bonds was organised by Sberbank CIB.
Комментарии