Alfa-Bank to issue $30Ц50 mln bonds pegged to robotics index
MOSCOW, Mar 12 (PRIME) -- RussiaТs Alfa-Bank plans to collect bids for U.S. $30Ц50 million exchange structured bonds, which will be pegged to the index of artificial intelligence, automation, and robotics companies provided by Societe Generale, from March 20 through April 10, Denis Anoshin, director for structured products at Alfa-Bank, told PRIME on Monday.
УThe bidding book will be open from March 20 till April 10, the technical placement will happen around April 20. The issueТs volume is not fixed, we suppose it will stand at about $30Ц50 million,Ф he said, adding that the bonds will mature in 3.5 years.
The issue carries three coupons Ц in a year since the placement date, in two years, and at maturity. УHistorical data allows us to set 8% as the target yield. But it is pegged to the index, the fixed rate will be 0.01%,Ф he said.
Individuals that have savings and an experience in investment are the target investors of the issue, he added.
Earlier on Monday, a banking source told PRIME that the bank plans to hold a meeting with investors to demonstrate the bond issueТs details on Wednesday.