Organizer: Urals IDGC places 7 bln rbl 10-year bond at 7%

MOSCOW, Oct 25 (PRIME) -- Russia’s Urals Interregional Distribution Grid Company (Urals IDGC) has placed 7 billion rubles of 10-year exchange bonds with the first coupon of 7% annually, Denis Shulyakov, first vice president of Gazprombank – one of the placement’s organizers, told PRIME on Friday.

“This is an all-time low coupon for an issuer and the lowest coupon among the issuers of the power sector on the local bond market for the past one and a half years,” he said.

Demand for the bonds stood at about 11 billion rubles, he said.

Initially, the company planned to place 4 billion rubles of the bonds with the first coupon guidance of 7.15–7.25% annually, which corresponds to a yield of 7.28–7.39% annually yo a 3-year put. During the bookbuilding on Thursday, the company reduced the coupon guidance to 7.00–7.05% annually, which corresponds to a yield of 7.12–7.17% annually, and expanded the offer to 7 billion rubles.

The technical placement is preliminarily scheduled for October 30. The issue will carry semiannual coupons.

Gazprombank, Credit Bank of Moscow and Sovcombank are the organizers of the placement.

(63.8600 rubles – U.S. $1)

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