23 Sep 2010 17:26

Federal Grid Co lowers guidance on 35 bln ruble bonds

MOSCOW. Sept 23 (Interfax) - The Federal Grid Company (FGC) has lowered yield guidance on 35 billion rubles in bonds that it is offering.

Guidance on the first coupon on series 6 and 8 was lowered from 7.25-7.75% to 7.1-7.25% and that on series 7 and 10 from 7.75-8.25% to 7.65-7.75%, the banks organizing the placements said.

The underwriters, Gazprombank and VTB Capital, stopped taking orders for the bonds at 5.00 p.m. today. Placement on the MICEX exchange is scheduled for September 28.

Series 6, 8 and 10 are 10 billion rubles each and series 7 is 5 billion rubles in volume.

All bonds mature in ten years. Series 6 and 8 have a put option after three years and series 7 and 10 have an option after five years.

The Federal Financial Markets Service (FFMS) has also registered 10 billion rubles in 11th series and 5 billion rubles in 9th series bonds.

A 4th series of 6 billion rubles is outstanding and matures in October 2011.