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On closing a bid book for participation in placement of vnesheconombank’s series PBO-001R-03 stock exchange-traded bonds

14 july 2016 года
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On 13 July 2016, state corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” closed a bid book for its Series PBO-001R-03 stock exchange-traded bond issue. Investors have been offered stock exchange-traded bonds denominated in US dollars with settlement in Russian rubles with the total par value of $300mn to 500mn to be placed in compliance with the Stock Exchange Bond Programme and maturing in five years from the date of placement.

The bid book opened on 13 July 2016 with the coupon rate initially ranging from 5.50-5.75% p.a. A heightened interest in its stock exchange-traded bonds, which exceeded $1bn, enabled Vnesheconombank to slash the coupon guidance three times when collecting bids. On closing the bid book, the coupon rate was fixed at 4.9% p.a. corresponding to the yield-to-maturity of 4.96%.

Given a strong investor appetite, a decision was taken to increase the size of the offering to $600mn.

Overall, upward of 70 bids were made by a wide range of investors, of which banks accounted for more than 72%, asset management and investment companies – 25% and private investors – some 3%.

The bonds will be placed on 21 July 2016 through public subscription at the Moscow Stock Exchange.

The National Settlement Depository is the depository of the issue.

Nikolay Tsekhomsky, First Deputy Chairman of Vnesheconombank, said, “It is already the third bond placement successfully completed by Vnesheconombank on the domestic bond market this year. Notably, a wide range of local investors have expressed their intense interest in the structure devised for issuing USD-denominated bonds with settlement in Russian rubles. In particular, we have noted an increased interest of private investors in this issue, which is indicative of a great potential of the instrument. This FX denominated bond is a unique innovative instrument at our market that enables local investors to acquire for their portfolio a quality currency asset for Russian rubles and in the Russian jurisdiction”.

VTB Capital, Gazprombank and Sovcombank are the Lead Managers of the issue.


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