Tinkoff Credit Systems Reports Closing of Order Book
OREANDA-NEWS. November 29, 2010. The order book was closed for TCS (CJSC) commercial paper series BO-02 with nominal value of R1.5 bln and a put option one year from the date of sale commencement.
Over the course of book building, investors submitted 76 bids with coupon rates ranging between 12.00% and 17% annually. Overall demand during marketing amounted to 2.4 bln rubles.
Following completion of book building, TKS Bank (CJSC) set the coupon rate on the commercial paper at 16.50% annually. Given the market situation, cost of placement, coupon rate on the commercial paper and existing demand, TKS Bank (CJSC) decided to satisfy 72 investor bids.
Settlements under the deal will take place upon placement of the commercial paper on MICEX on November 30, 2010.
The sale was organized by Troika Dialog. Underwriter: Credit Bank of Moscow Co-underwriters: Investment Bank Vesta, MDM Bank, National Bank Trust
Commenting on the commercial paper placement, President of "Tinkoff Credit Systems" Bank Oliver Hughes said the following:
"The results of the BO-02 commercial paper issuance indicate that investors believe in our history. This was one of the first true market placements among mid-size banks in the post-crisis period. We're especially pleased that the order book is very well balanced and includes not only Russian banks and management companies but also foreign and individual investors.
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