Nomos Bank, other institutions complete placement of AK Bars Bank's BO-03 series bonds
The bonds have a Fitch Rating of BB-, with a stable outlook and a rating from Moody's of B2 with a stable outlook. The issue was placed in full.
The order book was opened during the Aug. 19-Aug. 20 period. The benchmark rate ranges from nine percent to 9.5 percent for the first coupon.
There were 88 orders filed from market participants for the book claims. The range of the coupon rate for the first coupon was reduced to a 8.75-9.1 percent per annum level in the course of the book building. The final range was 8.75-8.95 percent per annum. Demand for stock BO-03 amounted to $370 million in the final price range, with total demand exceeding the offer three times to $450 million.
The issuer agrees to fix the interest rate of the first coupon exchange bonds of BO-03 at a rate of 8.85 percent per annum, corresponding to 9.05 percent per annum, according to results of the closing order book on Aug. 20.
The second and third coupon interest rate is equal to the rate of the first coupon and interest rates of subsequent coupons will be set by the issuer in accordance with the prospectus.
The issuer provides an early purchase of commercial papers at the request of the owners and a half year from the date of placement at a price equal to 100 percent of the nominal value of commercial papers.
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