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VEB to collect bids for 30 bln rbl exchange bonds Jun 19

June 16, 2017 - Prime


Russian state development bank Vnesheconombank (VEB) plans to collect bids for 30 billion rubles worth of 4-year exchange bonds on June 19, a banking source told PRIME on Friday.

The first coupon guidance is set at 8.7-8.9% annually, which corresponds to an 8.89-9.1% annual yield to maturity.

The issue will carry semiannual coupons.

The technical placement is scheduled for June 23.

VTB Capital, Gazprombank, Russian Agricultural Bank, Sberbank CIB and Sovcombank are the organizers.

Earlier this month, VEB collected bids for U.S. $500 million bonds maturing in 5.5 years at 4.25% annually.
Issuer: Vnesheconombank
Outstanding issues:
22 issuesRUB587,211,000,000
8 issuesUSD7,350,000,000
2 issuesEUR1,500,000,000
Issuer rating:
ACRAAAA(RU)/StableACRA national rating scale for the Russian Federation07/12/2017
Moody's Investors ServiceBa1/StableLT- foreign currency02/21/2017
Moody's Investors ServiceBa1/StableLT- local currency02/21/2017
S&P Global RatingsBB+/PositiveForeign Currency LT07/28/2017
S&P Global RatingsBBB-/PositiveLocal Currency LT07/28/2017
Fitch RatingsBBB-/PositiveLT Int. Scale (foreign curr.)09/28/2017
Fitch RatingsWithdrawn/National Scale (Russia)02/06/2017
Fitch RatingsBBB-/PositiveLT Int. Scale (local curr.)09/28/2017
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issues: local and international bonds
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150 000
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