RESO-Garantiya to start book building for 5 bln rubles in bonds with 8.7%-9% coupon on Sept 21
MOSCOW. Sept 14 (Interfax) - Insurance company RESO-Garantiya will open the bid book for investors on September 21, 10:00 am Moscow time for its second series bond issue worth 5 billion rubles, the deal's organizer, Raiffeisenbank, said in a statement.
The first coupon guidance was set at 8.7%-9%, which corresponds to a yield on an annual offer of 8.89%-9.2%.
The technical placement of the 10-year bonds by open subscription on the MICEX is preliminarily slated for September 25.
The issue has semiannual coupon payments.
The lead co-organizer on the placement is UniCredit Bank.
Russia's Federal Financial Markets Service (FFMS) registered the company's first and second issues with prospectus worth a combined 10 billion rubles in April.
It was earlier reported that RESO-Garantiya placed its first bond issue worth 5 billion rubles on September 3. Over 20 investor offers for the issue were received during book building. The first coupon guidance initially came to 9.4%-9.8% but was later reduced to 9.4%-95%. After book-building, the coupon was set at 9.4%, which corresponds to a yield on a two-year offer of 9.62%. Total demand for the issue at placement came to over 11 billion rubles.
RESO-Garantiya is a universal insurance company set up in 1991. Its main lines of business is auto and driver insurance, voluntary medical insurance, property insurance for private citizens and legal entities, mortgage insurance, insuring tourists, and disaster insurance.