OREANDA-NEWS. The order book was closed for SIBUR Holding PJSC's series 10 bonds worth RUB 10 bln. The bonds have a maturity of 10 years, a 5-year put option and a coupon period of 182 days. Each bond has a nominal price of RUB 1,000. The placement price is 100% of the nominal.

The initial guidance for the first coupon was set at 10.75-11.00% per annum. Active interest in SIBUR Holding PJSC's issue allowed the organisers to lower the guidance four times: first to 10.60-10.85%, then to 10.50-10.70%, then to 10.50-10.60%, and finally to 10.50% per annum.

53 investor bids were received and overall demand exceeded RUB 30 bln. ollowing book building the first coupon was set at 10.50% per annum. Considering the market situation, offering price, coupon rate of the bonds and demand, the issuer decided to accept 41 investor bids.

The acceptance of bids for SIBUR Holding PJSC's bonds was particularly popular among investors due to optimal risk-return-ratio (the issuer has a Ba1 rating from Moody's and a BB+ rating from Fitch), and the company and organising banks' active work with investors prior to marketing. This high-quality issuer's Russian fixed income market debut also had a positive impact on book building.

This allowed the order book to be closed at 50 bps lower than the Bank of Russia's key rate, and thereby establish the lowest coupon rate among market issues made by corporate issuers since June 2014, and the lowest coupon rate for a five-year placement since November 2013.

The placement was organised by Sberbank CIB, GPB (JSC), ROSBANK PJSC, and UniCredit Bank JSC.