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29.03.11

Raiffeisenbank of Russia is the arranger of the bonds issue of FGUP Russian Post

On 29 March, 2011 FGUP Russian Post placed its series 01 bonds. Offer of bonds by federal state unitary enterprise Russian Post is 6.5 times oversubscribed.

During book-building, investors submitted 125 bids totaling RUR46.73 bn The offer was oversubscribed more than 6.5 times, a record oversubscription among corporate bonds placed in 2011 so far. Investors bidded for interest rates ranging from 8.00% up to 8.85% p.a. As a result, the first coupon rate was set at 8.25% p.a., substantially below the original marketing expectations of 8.75-9.25% p.a. Thus the 3-year deal on the bonds yields 8.42% p.a.

The issue is arranged by Raiffeisenbank and co-arranged by JSC AKB Svyaz'-Bank.

Series 01 bonds with nominal value RUR7 bn have a 5-year maturity and include a 3-year deal and 6-month coupon periods.

The money attracted by the issue will finance optimization of the company's debt portfolio and will help to cut the costs of debt servicing.

FGUP Russian Post is a 100% state-owned enterprise, the largest federal operator of postal communications and a natural monopoly. The company has a network of 86 branches in all Russian regions, with over 40,000 offices across the country. Alone with the postal services (97% of the  total market), Russian Post is the leading operator of money remittances (46% of all remittances in Russia), provides delivery services for pensions and subsidies, has operations in the sector of retail and mail order sales, offers subscription and delivery of periodicals. In one year, the company delivers 1.5 bn letters, 49 mn parcels and operates almost 134 mn money remittances. Its 2010 proceeds totaled RUR105 bn, EBITDA RUR1.7 bn, net debt/EBITDA was 0.1x.


ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 9th among the Russian banks in terms of assets, based on 2010 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 6th in terms of private deposits and 8th with regard to consumer lending.

Raiffeisen Bank International AG regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. More than 59,000 employees service about 15 million customers through around 3,000 business outlets, the great majority of which are located in CEE. RBI is the only Austrian bank with a presence in both the world's financial centres and in Asia, the group's further geographical area of focus. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, which is listed on the Vienna Stock Exchange; the remainder is in free float. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group, and serves as the group head office of the entire RZB Group, including RBI.

 

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