Renaissance Capital Executes USD 325 mln Eurobond Transaction

OREANDA-NEWS. April 22, 2011. Renaissance Financial Holdings Limited (Renaissance Capital) (Standard & Poor’s B+;  Moody’s B1; Fitch B), one of the leading investment firms specialising in high-opportunity emerging markets, has successfully placed a USD 325 million Eurobond issue.

The issue, with a five-year tenure and a three-year put option, was priced at par with an 11% coupon. It was almost 1.5x oversubscribed, and attracted strong demand from more than 90 investors worldwide, including local and international banks and financial institutions, asset-management companies, funds, and private banks, in Europe, the UK, the US and Asia. The transaction represents the largest-volume and longest-dated Eurobond issued to date by Renaissance Capital.

The issue was successfully placed following an extensive roadshow in Asia, Continental Europe, the UK and the US, where management presented the Firm’s risk-management, performance and strategy.

"We are pleased with the results of the placement. It fits perfectly within our strategy of attracting longer-term and more stable funding – thereby reducing our liquidity risk profile,” said Kieran Donnelly, Head of Group Funding for Renaissance Group.

The proceeds of the issue will be used by Renaissance Capital for general corporate purposes. The transaction was led by Renaissance Securities Ltd, The Royal Bank of Scotland and UBS Investment Bank.

Transaction Summary