Rusfinance Bank lowers guidance for initial coupons on bond issues 10 and 11 to 7.75%-8%
MOSCOW. Nov 12 (Interfax) - Samara's Rusfinance Bank reduced the guidance on the first coupon for bond series 10 and 11 (each worth 2 billion rubles) to 7.75%-8%, Troika Dialog Investment Company said in its materials.
The initial coupon guidance came to 8-8.3% with a three-year offer for preterm buyback.
It was earlier reported that the bank opened the bid book for investors. The bonds have a maturation period of five years at a face value of 1,000 rubles each. Rosbank and Troika Dialog are accepting applications on the issues until 5:00 pm Moscow time, November 12.
The placement of the bonds is slated for November 16 on the MICEX Stock Exchange by open subscription.
The Central Bank of Russia registered Rusfinance Bank's eighth through 11th bond issues, each worth 2 billion rubles, at the start of August. The bank placed its eighth series bond issue on September 20 on the MICEX and the ninth series on September 21. The coupon rates for both issues were set at 7.7% through the results of book building. The bonds have a circulation period of five years. The issues have two-year offers for preterm buyback.
The bank redeemed its fourth series bond issue on February 2010, which was worth 4 billion rubles.
Rusfinance Bank is a 100% subsidiary of Societe Generale Group, which specializes in consumer and car loans. The bank has operations in 55 Russian regions.
Societe Generale Group formed a subsidiary for providing consumer lending in Russia under the Rusfinance brand in 2004. The group acquired Samara-based Promek-Bank in March 2005, which has operated under the Rusfinance brand since February 15, 2006.
Rusfinance Bank was 48th largest Russian bank by assets at the end of the third quarter of 2010 according to the Interfax-100, compiled by the Interfax Center for Economic Analysis (CEA).