By Wendy Van Sickle
Columbus, Ohio, June 23 –Tinkoff Bank completed the placement of RUB 3 billion of five-year series BO-07 exchange bonds with an 11.7% coupon on Wednesday, according to an announcement from TCS Group Holding plc.
Initial price guidance was in the 12% to 12½% range, but the deal was 2.5 times oversubscribed, with demand for the bonds totaling RUB 7.6 billion, allowing the bank to twice lower the price guidance.
The bonds have a put option after 1.5 years, at which time the coupon may be reset.
The offering was led by Sberbank CIB and Sovcombank.
Tinkoff plans to use proceeds to finance business development. The bank said this was its first offering in the Russian bond market in three years.
The bond is expected to be admitted to trading on the Moscow Exchange on June 30.
The bank is based in Moscow.
| Issuer: | Tinkoff Bank
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| Amount: | RUB 3 billion
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| Tenor: | Five years
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| Description: | Exchange bonds
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| Bookrunners: | Sberbank CIB and Sovcombank
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| Coupon: | 11.7%
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| Trade date: | June 23
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