November 21, 2018. Moscow,
Russia. PJSC RusHydro (ticker symbol: MOEX, LSE:
HYDR; OTCQX: RSHYY) announces closing the bid book on RUB-denominated
loan participation notes in the amount of RUB 15 billion maturing in
2022. International investors welcomed the placement.
The issue was oversubscribed 3x times with
investors from Asia-Pacific region representing 1/3 of the demand.
Initial coupon target rate of 9.25% p.a. was reduced three times. The
final coupon rate was set at 8.975% p.a. The placement and listing of
the LPNs will take place on the Irish Stock Exchange under Reg S
Notwithstanding volatile market conditions,
successful placement of the third Eurobond issue in the year confirms
RusHydro’s solid financial position as well as deep trust and
unchanged interest from international investors in Russia’s largest
hydrogenating company. Effective debt structure management helps
improve operational efficiency and investment attractiveness of
RusHydro Group and promotes international investment into Russia.
JP Morgan, VTB Capital, Sberbank CIB and
Gazprombank acted as joint lead managers of the issue.
Earlier placement of debt by RusHydro in September
2017 and February 2018 also has been greeted by high interest from
The issue of Eurobonds in September 2017 received
an award for “Best ruble-denominated transaction on the
international market” by CBonds Awards while the February issue was
placed at 7.4% p.a., the lowest coupon rate among Russian corporates
with international investors representing 2/3 of the demand.
Also, last week RusHydro was the first Russian
corporate to issue Eurobond denominated in renminbi (dim sum bonds).
The issue of 3-year dim sum bonds in the amount of CNH 1.5 bn, is the
largest public financing transaction denominated in CNH by a Russian
borrower. Total demand reached 2.5 bn renminbi, with the share of
Asia-based investors representing more than 82% of the final bid