Friday, November 24, 2017

UBRD bonds climb shuffled to top of MICEX

The Ural Bank of Reconstruction and Development (URBD) announced last week that its bonds have been included in the highest level quotation list of MICEX.

As of Aug. 6, URBD stock bank bonds of BO-1, BO-05 and BO-08 will be moved from the second level to the first level of MICEX. The movement of the bonds series indicates a high reliability of URBD as an organization and attests to the company's financial stability and transparency of governance.

"The transition to a higher level confirms the reliability and investment attractiveness of URBD," Vladimir Zotov, the bank's head of management for investment services, said. "Set of international standards for bank management and transfer of its securities in the first level will allow us in the future to increase borrowing in the markets and reduce the cost of funding, because our bonds will be available to another class of long-term investors."

URBD's BO-1, BO-05 and BO-08 series bonds to be included in the top-level MICEX list were formed under the exchange's new listing rules in June. Their transition to the top of the list comes as a result of a three-year IFRS accreditation procedure and an enhanced URBD credit rating.