By Marisa Wong
Los Angeles, April 14 – PhosAgro PJSC announced it completed the bookbuild for its first ever issue of exchange-traded bonds in the amount of RMB 2 billion on the Moscow Exchange.
The three-year bonds have a par value of RMB 1,000 and were issued with a variable coupon rate, calculated as the China loan prime rate (one-year LPR) plus 120 basis points. Due to investor interest, the final discount percentage was reduced from 130 bps above one-year LPR, according to a press release.
The lead manager and placement agent for the bonds was Gazprombank.
The order book was closed on April 10, and settlement took place on April 13.
The main buyers of the bonds were institutional and private investors.
Expert RA and ACRA assigned the issue a credit rating of ruAAA and AAA(RU), respectively.
PhosAgro is a Moscow-based producer of mineral phosphorous fertilizers.
| Issuer: | PhosAgro PJSC
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| Amount: | RMB 2 billion
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| Issue: | Exchange-traded bonds
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| Maturity: | Three years
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| Lead manager: | Gazprombank
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| Coupon: | One-year LPR plus 120 bps
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| Pricing date: | April 10
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| Settlement date: | April 13
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| Ratings: | Expert RA: ruAAA
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| ACRA: AAA
|
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