Feb 15 - Fitch Ratings has assigned Locko-bank’s (Locko; ‘B+'/Stable) RUB4bn bonds issue BO-02, due 11 February 2016 a final rating of ‘B+’ and National Long-term rating of ‘A-(rus)’ with a Recovery rating of ‘RR4’.
First and second coupons were priced at 10.4%. The bonds have a put option after one year. Locko’s obligations under the notes will rank equally with the claims on existing senior unsecured debt. The proceeds will be used to fund Locko’s core business.
Locko is a mid-sized Moscow-based bank, ranked 75th by total assets at end-Q312. The bank is owned by International Finance Corporation (15%), East Capital Fund AB(11%) and various individuals (74%).