Federal Grid Co closes order book on bond issue



08 December 2011 @ 02:08 pm BST

Federal Grid Company of Unified Energy System has successfully closed the order book of the RUB15bn bond issue, series 18, with 12-year maturity and 2.5 year put-option.

The issue was allocated among a wide range of investors which included banks, investment and management companies.

About 12% of the total demand was formed by foreign investors.

The order book was opened on 5 December with 8.45-8.85% coupon rate indication.

Despite the fact that bookbuilding passed in difficult market conditions, the transaction caused high interest from a wide range of the Russian and international investors.

The company said the total demand exceeded the nominal volume of the issue twofold and reached RUB32bn that became a record for the market from the moment of renewal of primary placements in October of this year.

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