OREANDA-NEWS  AvtoVAZ's subsidiary bank Auto Finance Bank (formerly RN Bank) has fully placed an issue of 3-year bonds of the BO-001P-12 series with a volume of 10 billion rubles, the issuer said.

The Bank set the 1st coupon rate at 18.20% per annum. The rates of the 2nd-12th quarterly coupons will be calculated as the sum of the value of the key rate and the spread of 2.2% per annum.

The Analytical Credit Rating Agency (ACRA) has assigned the issue of the BO-001P-12 series a credit rating of AA(RU).

Currently, there are 3 issues of the bank's exchange-traded bonds in circulation with a total volume of 22 billion rubles. One of the issues is worth 8 billion rubles, due in September this year.

In June 2023, AvtoVAZ acquired 100% of the shares of RN Bank from the holding company BARN B.V., after which RN Bank was named Auto Finance Bank. The Italian UniCredit Group, through its subsidiary Unicredit Bank, owned 40% in BARN B.V., Renault and Japanese Nissan Motor had another 30% each. The deal was approved by the President of the Russian Federation.

The business profile of Auto Finance Bank is focused on the issuance of car loans and factoring financing of car dealers. According to the results of the first quarter of 2024, the bank ranked 53rd in terms of assets in the Interfax-100 ranking.