Analyst Research

Report Title Price
Provider: Auerbach Grayson & Co., Inc.
$35.00
Provider: Auerbach Grayson & Co., Inc.
$35.00

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AFK Sistema OAO Adjusts Price Guidance for Secondary Placement of 3rd Bond Series to 100.5%-100.75%-Interfax


Thursday, 31 Jan 2013 05:46am EST 

Interfax reported that AFK Sistema OAO has shifted the price guidance for the secondary placement of its third bond series to 100.5%-100.75%, Raiffeisenbank, which is organizing the deal together with Gazprombank, said in its materials. This new guidance corresponds to yield to maturity of 8.77%-8.69% per annum. Originally, price guidance was 100%-100.5%. Later, the Company lowered it to 100.25%-100.5%, which corresponded to yield to maturity of 8.85%-8.77%. The secondary placement will occur in book building form. Applications were taken until 5:00 p.m. Moscow time on January 31. Technical placement of the RUB 10 billion issue is slated for February 5 under open subscription on the MICEX Stock Exchange. The bonds have been included in the Central Bank's Lombard list and Quotation List B on the MICEX Stock Exchange. They are accepted by the Central Bank as security for direct REPO deals with a 15% discount. The Company's third-series bonds, worth RUB 19 billion, were placed in December 2009 on the MICEX Stock Exchange under open subscription. They will circulate for seven years and have 14 semiannual coupons. Sistema set the rate of the first through sixth coupons on the basis of book building at 12.5% pa, and the seventh through 14th coupons will have a rate of 8.75% pa. At the moment, Sistema has four classical bond issues worth a combined 54.494 billion rubles outstanding.