OREANDA-NEWS.  Renaissance Capital, a leading emerging and frontier markets investment bank, announces successful completion of its USD-denominated 11.00% senior bonds due 2016 exchange offer and a new USD bond issue.

The new transaction has followed a successful investor roadshow in Continental Europe and London, which saw Renaissance Capital’s management present an updated strategy and results for the investment bank.

The exchange comprised USD126mn of USD-denominated senior notes offered by Renaissance Financial Holdings Limited (RFHL) to the existing holders of Renaissance Securities Trading Limited's (RSTL) USD325mn 11% bonds due April 2016.

Of the USD126mn, more than USD96mn were tendered for an exchange for a new RFHL USD benchmark.

Following the announcement of the successful exchange offer, Renaissance Capital has proceeded to build the order book for the new issue. The new USD200mn issue with the five-year maturity (put after two years) was priced with the coupon/yield of 9.5%.

UBS and Renaissance Capital managed the offer as joint exchange dealer and new issue lead managers.

Igor Vayn, Chief Executive Officer, Renaissance Capital, commented: “We have seen very healthy demand for the exchange of the outstanding notes and the new issue from existing holders who were keen to remain holders of Renaissance Capital international benchmark issue. We were also pleased to see a number of new institutional and private investor names coming into the new issue transaction. This is a sign of continued trust and confidence from the investor community, as Renaissance Capital keeps its commitment to its long-term strategy and sustainable development across EEMEA and frontier markets.”

Renaissance Capital reported a $23mn net profit from the core business in 2015 (64% growth YoY). As a core achievement in 2015, the Firm signed a strategic partnership with CITIC Group, China's leading financial conglomerate, the Russian Direct Investment Fund, and ONEXIM Group to promote the interests of Russian companies and Chinese investors in high-opportunity projects in Russia, the CIS, the Middle East and Africa.”