30.03.2007, 11:11
Home Credit & Finance Bank Announce the Placement of Its US$ 200 Million Eurobond Issue
OREANDA-NEWS. On March 28, 2007 Home Credit & Finance Bank (“HCFB”) [Moody’s Ba3/NP/D- S&P B/C], one of the providers of consumer finance market in the Russian Federation, announced the placement of its US$ 200 million Eurobond issue. This transaction represents the third dollar denominated placement for HCFB, reported the press-centre of HCFB.
The issue size of US$ 200 million with a 3 year tenor was priced to yield at 9.5%. This issue was assigned ratings of "Ba3" and "B" by international rating agencies Moody's and Standard & Poor's.
The lead-managers of the issue were ABN Amro Bank and BNP Paribas, respectively.
PPF banka has acted as co-lead manager on the deal.
The issue was oversubscribed and attracted demand from over 50 investors from institutional and retail accounts across the United Kingdom, Continental Europe, South-Eastern Asia and the United States.
The proceeds of the issue will be used by HCFB to fund its portfolio of point-of-sale consumer loans, advances under credit cards and cash loans, and for general banking purposes.
"The response we received from investors was positive. We believe that our declared communication policy and transparent disclosure is highly valued by the investor community. Furthermore, the reception received at our road-show allowed us to issue the Eurobond under volatile market conditions", Dmitri Mosolov, the Deputy Chairman of HCFB Management board comments
Furthermore, according to George Niedringhaus, Global Head of EM Syndicate, ABN Amro Bank: "Investors were impressed by both the strength of the story and the quality of the management team. HCFB has now established itself as a name in the sector and is has positioned itself to come back to the market in the future".
Luc Cardyn, Head of Credit Syndicate, BNP Paribas, comments: "HCFB delivered a convincing credit story during an extensive roadshow in Asia, the United States and in Europe. Taking advantage of a market window just after the FOMC meeting, the bookrunners executed a US$ 200 million 3 yr benchmark achieving a broad and diversified distribution".
The issue size of US$ 200 million with a 3 year tenor was priced to yield at 9.5%. This issue was assigned ratings of "Ba3" and "B" by international rating agencies Moody's and Standard & Poor's.
The lead-managers of the issue were ABN Amro Bank and BNP Paribas, respectively.
PPF banka has acted as co-lead manager on the deal.
The issue was oversubscribed and attracted demand from over 50 investors from institutional and retail accounts across the United Kingdom, Continental Europe, South-Eastern Asia and the United States.
The proceeds of the issue will be used by HCFB to fund its portfolio of point-of-sale consumer loans, advances under credit cards and cash loans, and for general banking purposes.
"The response we received from investors was positive. We believe that our declared communication policy and transparent disclosure is highly valued by the investor community. Furthermore, the reception received at our road-show allowed us to issue the Eurobond under volatile market conditions", Dmitri Mosolov, the Deputy Chairman of HCFB Management board comments
Furthermore, according to George Niedringhaus, Global Head of EM Syndicate, ABN Amro Bank: "Investors were impressed by both the strength of the story and the quality of the management team. HCFB has now established itself as a name in the sector and is has positioned itself to come back to the market in the future".
Luc Cardyn, Head of Credit Syndicate, BNP Paribas, comments: "HCFB delivered a convincing credit story during an extensive roadshow in Asia, the United States and in Europe. Taking advantage of a market window just after the FOMC meeting, the bookrunners executed a US$ 200 million 3 yr benchmark achieving a broad and diversified distribution".
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