RAEX Rating Agency (Expert RA) again assigned Transmashholding Company creditworthiness rating A++, with the stable outlook.
The listed bonds maturity period is 3 years. Coupon period duration is 182 days. The nominal value per one bond is RUB 1,000.
The high creditworthiness of the company, confirmed late 2016 by international Fitch credit rating of “BB-/Stable” and by the highest national creditworthiness rating of À++ also assigned by Expert RA in 2016, allowed driving considerable volume of demand by a wide range of investors.
The original expected first coupon rate was set between10.45-10.65% per annum, thus, corresponding to yield-to-maturity of 10.72-10.93%. The book within the original band was over-subscribed within 45 minutes after issue opening. Further on, in the course of book building the interest rate band was revised downwards twice up to 10.00-10.20% (yield-to-maturity being 10.25-10.46%) and finally it was set at the final level of 9.95%.
As a result, 68 investors registered for subscription and overall demand for Transmashholding bonds amounted to about RUB 40 billion.
VTB Capital, Gazprombank and Renaissance Capital are organizers for the bond issue. VTB Capital is a placement agent.
The issue will be offered on February 7, 2017 at Moscow Stock Exchange.
At present Transmashholding has no bonds outstanding, the last bond issue was paid off in 2014.