13 Dec 2010 18:01

HCF Bank plans 5 bln rubles in sixth series bonds with yield at 7.98%-8.25% during secondary placement

MOSCOW. Dec 13 (Interfax) - Home Credit and Finance Bank (HCF Bank) opened its bid book for its sixth series bond issue worth 5 billion rubles at 3:00 pm Moscow time on Monday in the framework of a secondary placement, Promsvyazbank , one of the placement organizers, said in its materials

Raiffeisenbank, Nomos-Bank , Promsvyazbank and Petrocommerce will be accepting investor applications until 1:00 pm Moscow time on December 17. The placement is slated to take place on the MICEX on December 20.

The guidance value for the secondary placement comes to 99.53%-100% of face value, which equals a yield guidance of 77.98%-8.25% against a two-year offer.

It was earlier reported that the bank placed its sixth series issue worth 5 billion rubles on June 17, 2009 with an initial coupon rate of 15.25%. The placement was held on the MICEX by open subscription at face value of 1,000 rubles per share.

The bonds have a maturation period of five years and quarterly coupon payments. The rate of the second coupon will be equal to that of the first coupon. The issues set the rate for coupons three through at 12.2% and coupons seven through 14 - 7.5%. The issuer will set the rates for coupons 15 through 20 at a later date.

HCF Bank should present an offer for preterm buyback on the sixth series at face value on December 17, 2010.

The bank bought back 39% of this issue worth 2 billion rubles as part of an offer in December 2009.

"In the framework of the placement, investors will be offered bonds that were earlier reacquired as part of the offer and also presented by investors during the December 17 offer," a spokesperson for Promsvyazbank told Interfax.

HCF Bank was 41st biggest bank by assets at the end of the third quarter of 2010 according to the Interfax-100 rating, compiled by the Interfax Center for Economic Analysis (CEA).