OREANDA-NEWS.  A full placement was made on the MICEX stock exchange of the fourth issue of documentary interest bearing bonds payable to bearer issued by JSC AVTOVAZ and worth RUR 5 billion.

There were 90 bids submitted by the investors, with the total volume reaching RUR 10,29 billion. The proposed first coupon rate ranged from 7% to 8,25% p.a., and most of the bids were within 7,7% to 7,9% p.a. According to the arrangers’ estimates, foreign investors’ demand reached 13% of the issue.

The first coupon rate was set by the auction at placement and amounted to 7,8% p.a. (which is RUR 38,89 per bond); the rates of the second to fourth coupons were equal to the first coupon rate, other coupon rates will be further set by the Issuer.

Effective yield to a two-year offer is 7,95% p.a., which is below the yield bottom line estimated by the arranger before the auction.