BCS Global Markets acted as the arranger of this primary offering. The initial bond coupon rate was in the range of 8.50% - 8.60%, but upon completion of bookbuilding, the final coupon rate was reduced and fixed at 8.45%, which corresponds to 8.63% yield to put. The bonds maturity is 15 years, the coupon period is 182 days, the 3-year put option is envisaged for the issue. The issue meets the criteria for inclusion into the Lombard list of the Bank of Russia and satisfies the requirements to investment of pension savings and insurance reserves.
X5 Retail Group (the ticker at London Stock Exchange and Moscow Exchange FIVE, Fitch rating BB+, Moody’s rating Bа2, S&P rating BB, RAEX rating ruAA) is one of Russia’s leading food retailers. The Company operates several retail formats: the chain of proximity stores under the Pyaterochka brand, the supermarket chain under the Perekrestok brand, the hypermarket chain under the Karusel brand, Express convenience stores under various brands.
The company has international ratings assigned by leading global rating agencies: Fitch BB+, Moody’s Bа2, S&P BB, Expert RA ruAA.
A message from management of BCS Global Markets
The continuously evolving nature of the global coronavirus situation has meant we at BCS Global Markets (BCS) are taking all necessary steps to keep business disruption to an absolute minimum.
Effective from today (Wednesday 18th March) employees from all divisions of the business based in our Russia, UK, USA and Cyprus offices who can work from home without creating any even minor possible risk for business continuity of the Group will be working remotely. It is very much business as usual at BCS. Our employees are equipped with secure access to our systems and will follow their normal working hours, keeping in regular contact with their colleagues and clients.
Despite ongoing disruption caused by COVID-19, we want to also assure you that following a sustained period of positive performance, our capital and liquidity position remains very strong. The business is well-placed to meet any subsequent financial challenges and will continue to go above and beyond for our clients.