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12 April 2017

B&N Bank acts as co-lead manager on VSK’s RUB 4 billion exchange-traded bond issue

VSK Insurance House has completed its RUB 4 billion (par value), 5-year series 001Р-01 exchange-traded bond issue (identification number 4B02-01-10202-Z-001P, registered on 6 April 2017), with a put option exercisable by bondholders 1.5 years after the issue date.

The order book was closed on 4 April 2017 with an initial first coupon guidance range of 11.50%-12.00% per annum (yield to put of 11.83%-12.36% per annum). Significant investor interest in the bond issue meant that the issue was substantially oversubscribed after only a few hours of opening the book. The initial marketing range was lowered three times and finally set at 11.05% per annum. The first, second and third coupons have all been set at 11.05% per annum, corresponding to a yield to put of 11.36% per annum. Demand for the VSK bonds exceeded RUB 13 billion and, in total, 55 orders were submitted by a broad range of institutional investors, as well as retail investors.

B&N Bank, Svyaz Bank and UniCredit Bank acted as lead managers. Alfa Bank acted as a co-manager.

B&N Bank acted as the issue agent.

The issue qualifies for inclusion in the Central Bank of Russia’s Lombard List and for pension fund investments; the bonds have been included in the second listing level.

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