AHML to Open Books for RUB 8 bn Bond of Series A17
OREANDA-NEWS. February 04, 2011. Agency for Housing Mortgage Lending (AHML) is to open books for the RUB 8 bn series A17 bond on February 3 at 12:00 pm. Investors can send their bids to AHML itself, Raiffeisenbank, Renaissance Capital or VEB Capital. The closure is due on February 7 at 5:00 pm.
The bond is to be placed by open subscription in the MICEX on February 9. The target rate on the first bond coupon was set at 8.9-9.15% per year. It is not the first time AHML has opened the bid book for the A17 issue: it began to collect bids in November 2010; however, the day the books were closed, the Agency announced it would postpone the placement to a later date, because the market environment had changed for the worse. The target first coupon rate was then set at 8.75-9.25% per year.
The bond has a depreciation-based retirement structure: 40% of the par value is to be redeemed on 15 April 2019, 25% after 12 months, 20% after another 12 months, and 15% at the end, i.e. in April 2022. The issuer has the right to repay the bond ahead of time under the following scheme: 30% of the par value on 15 April 2014 and 70% on 15 April 2015.