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Demand for Transmashholding’s bonds around 18 bln rbl

February 01, 2017 | Prime

Initial demand for a 10 billion ruble 3-year exchange bond of Russian railway equipment maker Transmashholding amounted to about 40 billion rubles, but it fell to 18.2 billion rubles, when the first coupon guidance was cut, Gazprombank First Vice President Denis Shulakov told PRIME on Wednesday.

On Tuesday, the company offered the bonds with an initial first coupon guidance of 10.45–10.65%, which was later cut to 10.2–10.4%, later to 10.0–10.2%, and to 10%. The final guidance was set at 9.95%, which corresponds to a 10.2% annual yield to maturity.

“The second corporate market placement of 2017, coming after Transneft, was met with unprecedented demand for an issuer with a credit rating comparable to Transmashholding. Russian investors and banks have strongly supported the entrance of the new national champion in the machine building sector to the debt market. This is a landmark event for the local debt market and the issuer,” Shulakov said.

The technical placement of the bonds is preliminarily scheduled for February 7.

VTB Capital, Renaissance Capital and Gazprombank act as organizers of the placement.

Issue: TransMashHolding, PBO-01

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
outstandingRussia02/04/202010,000,000,000 RUB-/-/-

Company: TransMashHolding

Full company nameCJSC TransMashHolding
Country of riskRussia
Country of registrationRussia
IndustryEngineering industry

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