Yield guidance on HCF Bank bonds 10% - source
MOSCOW. Oct 11 (Interfax) - Yield guidance for dollar-denominated subordinated Eurobonds being offered by Home Credit & Finance Bank is 10% pa, a financial market source told Interfax.
The bonds will mature in 7.5 years and have a call option in 5.5 years.
The road show wraps up ion Tuesday and the deal should close this week.
HCF Bank started meetings with investors in the United States, Europe and Asia organized by Citigroup, HSBC and Sberbank CIB on October 15.
The road show, which will take in the United States, Europe and Asia, could result in the placement of subordinated Eurobonds, if favorable market conditions prevail, the source said.
The bank was Russia's 30th largest by assets, according to the Interfax-100 ranking at the end of H1 2012. It was the 14th largest by retail deposits and 5th largest by retail loans. The bank is part of Czech Billionaire Petr Kellner's PPF Group.
HCF Bank boosted net profit to International Financial Reporting Standards (IFRS) 10% year-on-year in H1 2012 to RUB billion rubles. H1 operating income was RUB 23.7 billion, a 59.3% increase year on year.
Loans granted in the first half of 2012 reached RUB 106.3 billion, twice the number for the previous year. Net loans grew 30.1% during the first six months of 2012 from RUB 112.8 billion to RUB 146.8 billion.
Deposits and current accounts grew 64.8% in H1 2012 to RUB 115.9 billion, and comprised 70.9% of the Bank's liabilities on 30 June 2012.
The capital adequacy ratio to IFRS was 17.1% as at 30 June 2012, down from 20.5% at the start of the year. Central Bank regulatory CAR was 12.5% on September 1, down from 13.11% on July 1 and 15.03% on January 1.