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Moscow Credit Bank successfully placed 5Y Eurobonds

January 27, 2020 | Cbonds

On Wednesday, the Moscow Credit Bank (Ba3/BB-/BB) completed the placement of Eurobonds maturing on January 29, 2025. The issue was supposed to be USD 500 million, however, the demand that exceeded USD 1.6 billion allowed the bank to increase the initially planned volume and raise USD 600 million.

Investors from all over the world showed high demand for placed bonds. The order book is distributed as follows: continental Europe – 34%, Russia – 22%, the USA – 20%, the UK – 15%, and Southeast Asia and Middle East – 9%.

The coupon rate was set at 4.7% per annum, which is the lowest rate for dollar-denominated Euroloans of the bank (the Moscow Credit Bank issued a total of 10 dollar-denominated Eurobonds, 6 of which are in circulation). The spread to UST was 312.7 basis points, to mid-swap – 311.7 basis points.

The underwriters were Citi, ING, Societe Generale, UBS, Commerzbank, Emirates NBD Capital, Raiffeisen Bank International and Sova Capital.
Listing will be held on the Irish Stock Exchange.

Issue: Credit Bank of Moscow, 4.7% 29jan2025, USD

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingRussia01/29/2025581,000,000 USD-/BB-/BB

Company: Credit Bank of Moscow

Full company nameCREDIT BANK OF MOSCOW (public joint-stock company)
Country of riskRussia
Country of registrationRussia
IndustryBanks

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