On closing a bid book for participation in placement of Vnesheconombank’s series PBO-001R-07 stock exchange-traded bonds

On 19 May 2017, State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” successfully closed a bid book for its PBO-001R-07 series stock exchange-traded bond issue. Up for offer to potential investors were bonds placed in compliance with the Stock Exchange Bond Programme with a maturity of 2.5 years from the date of placement. The bid book was opened on 19 May 2017 with the coupon rate initially ranging from 9.10-9.35% p.a. During the book-building process, the initial coupon rate range was reduced four times.

On closing the bid book, the coupon rate was fixed at 9.05% p.a., with demand for bonds approximating RUB 48 billion. Given a strong investor appetite, a decision was taken to increase the size of the offering from RUB 15 billion to RUB 25 billion. The issue has become Vnesheconombank’s largest RUB-denominated offering to a wide range of investors. Participants in the offering comprised 53 institutional investors.

On 26 May 2017, the bonds will be placed on the Moscow Stock Exchange, with VTB Capital, Sberbank CIB and Sovcombank acting as the Lead Managers, and Rosselkhozbank, as the Co-Lead Manager on the issue.

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