USD ЦБ — 64,30 +0,56
EUR ЦБ — 69,42 +0,65
Brent — 58,17 -2,64%
February, Tuesday

Subscribe

e-mail:

Question of the week

Will the russian Turkish stream be launched, or an apology to Erdogan is not enough?

poll archive

News // Markets & Stocks

1st coupon rate for SIBUR's Series 11 bonds set at 9.65% per annum

28 July 2016 , 12:24Neftegaz.RU714

 

On 27 July 2016, SIBUR Holding announced that the company successfully closed the bookbuild for its Series 11 bonds in the amount of RUB 10 bn.

 

With a coupon period of 182 days, the bonds have a tenor of 10 years and a put option in 3 years. The par value of the bonds is RUB 1,000 each. The offering price is 100% of the par value.

The original guidance for the first coupon rate ranged from 9.65 to 9.85%. The enthusiasm investors showed during the book building made it possible to revise the coupon guidance downwards three times. First, it was reduced to 9.65–9.75%, second – to 9.65–9.70%, and finally the book building set the first coupon rate at 9.65% per annum.

 

The total demand for the bonds exceeded RUB 21bn.

 

In March 2016, SIBUR completed the offering of Series 10 bonds with the first coupon rate of 10.50% per annum, which ended up becoming a liquid benchmark for the subsequent public bond placements. The ongoing book building exercise has shown a sustainably high investor demand for SIBUR’s bonds despite the strong volatility in the financial markets, enabling the Company to revise the coupon down by 85 b.p. as compared to the previous issue, commented Alexander Petrov, member of the Management Board and Managing Director for Economics and Finance.

The subscription book was closed with a discount of around 15 b.p. to the current rates of the Company’s secondary bonds and with the lowest coupon rate for three-year offerings on the corporate market since the early 2014.

 

The formal offering is scheduled to take place at MICEX on 3 August 2016.

Lead managers: Gazprombank and Sberbank CIB.

Placement agent: Sberbank CIB.

Comments

No comments yet.

Post a comment