Tender held to determine coupon rate of Samara 35010 government bonds
The 35010 series bonds hold a Moody rating of Ba1 and a Standard and Poor rating of BB+. The indicative rate of the first coupon was set with a range from 10.3 to 10.6 percent annually, which corresponds to a yield maturity of 10.7 to 11.03 percent per year.
The contest received 225 bids from investors totaling $860 million. As a result, the issuer decided to set the first coupon rate to 10 percent, with 110 applications to safety investors.
The issue provides for 28 equal coupon periods, with a maturity span of seven years. The duration of the loan is 2.95 years and the normal value of a bond is $1,000. The issue qualifies for inclusion on Bank of Russia's Lombard List.
The contest was co-organized by Leader Asset Management, Pervobank, BC Region, Roninvest, Russia, SMP and Sovcombank. Other national and regional banking institutions participated as underwriters and co-underwriters.
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