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June 9, 2017 www.intellinews.com I Page 28
bne:Credit
IIB makes new €155mn
bond placement on Russian market
The Moscow-based International Investment Bank (IIB) on June 6 closed the order book on its new RUB10bn (€155mn) bond issue under the earlier registered programme of exchange-traded bonds.
The initial coupon interest rate was set between 9.00-9.25% which corresponds to a yield of 9.21-9.48%. During the marketing process the demand exceeded the offer by several times. Demand for the bond totalled more than RUB22bn from more than 40 investors, which allowed the bank to lower the interest rate during the book building process.
As a result, the final coupon interest rate was fixed at 8.75% (YTP 8.95%). The put option on the bond is set for March 12, 2020, and the settlement of the bond on Moscow Exchange is set for June 14, 2017.
Poland’s Monetary Policy Council (MPC) kept interest rates un- changed at 1.5% at its meeting on June 7, in line with expectations.
The MPC remains firm on its position that the current state of the economy – with growth within potential and inflation slowing – does not present any threat of imbalances. The only area of “slight con- cern” is investment, which dropped 0.4% y/y in the first quarter, while the entire economy surged 4%, the governor of the National Bank of Poland (NBP) and the head of the MPC Adam Glapinski indicated.
Eurobond holders of Ukraine's biggest state lender PrivatBank have rescheduled a meeting for June 21 after being unable to reach quorum at their June 5 meeting about the replacement of a trustee.
The quorum was 75% of holders of PrivatBank's Eurobonds ($175mn maturing in January, 2018 and $160mn maturing in Feb- ruary, 2018), while less than 45% of the holders of each of the two issues were present, the bank reported on June 6.
It is possible that the powers of the Germany-based trustee, Deutsche Trustee Company, could be withdrawn at the upcoming meeting and a new trustee, Madison Pacific Trust, will be consid- ered, according to securities issuer UK SPV Credit Finance plc (UK).
Factors line up for long-term continuation of Polish monetary policy, rate setters say
Bondholders of Ukraine's PrivatBank reschedule meeting to change trustee