OREANDA-NEWS. The order book was closed for RusHydro PJSC's series BO-P04 bonds worth RUB 15 bln. The bonds have a maturity of 3 years, and a coupon period of 182 days. Each bond has a nominal price of RUB 1,000. The placement price is 100% of the nominal.

The initial guidance for the first coupon was set at 10.75-11.00% per annum, which corresponds to a yield to maturity of 11.04-11.30% per annum. During book building the guidance was revised several times, initially it was lowered to 10.50-10.75% per annum, then to 10.25-10.50% per annum, and then to 10.30-10.45% per annum, and subsequently fixed at 10.40% per annum. The final guidance for the first coupon of RusHydro PJSC's bonds was set at 10.35%, which corresponds to a yield to maturity of 10.62% per annum.

More than 50 investor bids were received and overall demand reached almost RUB 40 bln. Following book building the first coupon was set at 10.35% (yield to maturity of 10.62% per annum), which is the lowest coupon among market placements made by corporate issuers since mid-2014.

Considering the market situation, offering price, coupon rate of the bonds and demand, the issuer decided to accept 22 investor bids. The technical placement of the issue is planned for April 8, 2016 on the MICEX Stock Exchange.

The placement was organised by Sberbank CIB[1], VTB Capital, Gazprombank. JSC Rossiya was a co-organiser.