TransCreditBank successfully distributes a bond issue

On July 10, 2008 TransCreditBank made a public offering of its 3 year’s series 03 bond at MICEX. The total size of the deal is RUR 5 bn. The issue carries a semiannual coupon.

Investors made 59 bids for the total of RUR 6.19 bn, with foreign investors accounting for over 40 % of the demand. Most of the bids designated a coupon rate within 9.5-10 % p.a.

The issue was fully place through the tender, with 49 bids satisfied. Upon review of the bids the issuer set the rate for coupons 1-3 at annual 9.99 % which translates into effective yield of annual 10.24 % to the 1.5 years put offer. Rates of coupon 4 and further coupons will be set by the issuer in accordance with terms and procedures established by the Resolution on the Bond Issue.

The deal was arranged by TransCreditBank with Sberbank. ING Bank, Morgan Stanley, REGION (BC) acting as co-arrangers. Eurofinance, Mosnarbank, NOMOS-Bank, FC Otkryties, Rosselkhozbank, Gazenergoprombank, RON Invets, IC Russ-Invest, Pervobank and Promsvyazbank were co-underwriters of the issue.

Proceeds of the issue will be applied towards diversification of the bank’s liabilities structure and will provide a source of funding for some medium-term projects of its customers.

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