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:
Moody's Investors ServiceBa1/StableLT- foreign currency02/21/2017
Moody's Investors ServiceBa1/StableLT- local currency02/21/2017
S&P Global RatingsBB+/DevelopingForeign Currency LT03/24/2017
S&P Global RatingsBBB-/DevelopingLocal Currency LT03/24/2017
Fitch RatingsBBB-/StableLT Int. Scale (foreign curr.)12/07/2016
Fitch RatingsWithdrawn/National Scale (Russia)02/06/2017
Fitch RatingsBBB-/StableLT Int. Scale (local curr.)12/07/2016