|
PCRB-Finance LLC is a subsidiary of FCRB created to develop and implement fund raising programmes for FCRB.
On 12 March PCRB-Finance had its debut 3-year 01 series bond offering (with FCRB as loan surety) for a total par value of RUB1.25bn. The bond issue was publicly offered at SE MICEX, with the first bond coupon priced via a competitive bidding procedure. The issue was lead-managed by Region Group and Sviaz-Bank. OOO Darstell Invest co-lead-managed the offering.
28 bids were received from investors. The public sales raised RUB1.45bn of demand, with the first coupon rate offered by investors ranging from 9.3% to 12.65% p.a.
The first coupon rate set by the issuer was 12.5% p.a. (31 rouble 16 kopecks per bond), with the second, third and fourth coupons equal to the first one, and coupons from five to twelve to be set by the Issuer. The effective yield to offer amounted to 13.1%. The entire bond was sold on the first offering day.
“It should be noted that this is the first successful offering of an issuer from the banking sector for quite a while. Despite a difficult juncture at the financial market, the results of the sales have exceeded our expectations”, noted Khachatur Muradov, First Deputy CEO of Brokerage Company Region Group.
The debut 01 series bond of PCRB-Finance was registered with the Federal Financial Markets Service on 13 December 2007, under registered No. 4-01-36321-R. Proceeds received by FCRB from its debut bond will be used to extend further the Bank’s operations, and to finance its working capital. The certificate will be kept, rights to the bond accounted for and the issuer’s safekeeping account maintained by The National Depository Center.
|