Promsvyazbank sets 8.75% coupon rate for bond issues totaling 10 bln rubles
MOSCOW. Feb 21 (Interfax) - Promsvyazbank has set the rate on the first coupon of its exchange traded bond series BO-02 and BO-04, totaling 10 billion rubles, at 8.75% per annum, the Russian lender said in a statement.
The rate on the second coupon of the bonds is equal to the first.
The rate was set following book building. The bank collected orders for the BO-02 bonds totalling 5 billion rubles beginning February 9, and on February 16 doubled the offering with the BO-04 bonds. The book building for the two issues concluded on February 20.
The public offering of the three-year bonds on the MICEX Stock Exchange is tentatively planned for February 22. The bonds have a face value of 1,000 rubles.
The target range for the rate on the first coupon of the bonds when book building began was 9-9.5%, and then it was lowered to 8.75-9%, which corresponds to a yield of 8.94-9.2% to the one-year put option.
MICEX SE in July 2010 accepted for trading the bank's bond series BO-01 to BO-05, totaling 31 billion rubles. In February 2011 the bank placed BO-03 series bonds totaling 5 billion rubles with an annual rate of 8.6% on coupons 1-6. BO-01 bonds totaling 3 billion rubles and BO-05 bonds totaling 10 billion rubles have not been placed yet.
The bank on February 7, 2012 increased the amount of the BO-02 series from 3 billion rubles to 5 billion rubles, while reducing the BO-04 series from 10 billion rubles to 5 billion rubles.
The bank currently has 9.5 billion rubles worth of classic bond series 5-6 in circulation.
Promsvyazbank was Russia's eleventh largest bank by assets at the end of 2011, according to the Interfax-100 ranking of the country's lenders.