Bank News

OAO "Russian Bank for Development" has placed US$ 170 million debut Eurobond

02 Августа 2005

OAO "Russian Bank for Development" has placed US$ 170 million debut Eurobond issue with initial application for US$ 150 million. Maturity - 3 years, coupon rate is 6,5% (LIBOR+212 b.p.). RBD assigned Barclays Capital lead-manager of the debut issue. The placement was preceded by RBD’s road-show in Asia (Korea, Hong-Kong and Singapore) and Europe (Switzerland, Germany, Greece and Great Britain), in the course of which RBD's officials hold meetings with 62 potential foreign investors.

The offering exceeded by far the announced size and was over US$ 400 million. 72 financial institutions took part in the placement and among them were leading foreign banks, asset management funds, pension funds, retail institutions and others. The maximum demand for the Bank’s liabilities (about 50% of the total amount) was demonstrated by investors from Britain and Switzerland. Considerable share composed applications from investors from Germany, Greece, and Portugal. Investors from Austria and Asian countries (Hong-Kong and Singapore) took part in the placement as well.

The raised funds will be channeled to financing investment projects in the priority areas of the Russian economy, first of all to infrastructure projects. Eurobond issue represents a next stage in the program of borrowings of the «Russian Bank for Development» in 2005. Resulting the successful implementation of the above program the Bank’s assets from the beginning of the will double and amount to approximately US$ 600 million.

OAO «Russian Bank for Development» was founded in late 1999. The Bank is wholly owned by the Government of the Russian Federation in the name of the Russian Federal Property Fund. The major directions of the Ban’s activities are long-term credit support to the real sector of the economy in accordance with the priorities of the governmental investment policy, and SME lending.
The small business lending support is implemented by the bank in accordance with the "Program of OAO "Russian Bank for Development" for Small Business Lending, covering also the farming sector", jointly developed with the Ministry for Economic Development and Trade and approved by the Bank’s Supervisory Board.

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