Media Room
01 Jun 2020
BCS GM Manages Bond Placements for AFK Sistema & X5 Retail Group

Last week, BCS Global Markets has served as the bookrunner for two bond placements by Russian blue chips, AFK Sistema and X5 Retail Group.
On 27 May 2020, MOEX added PAO AFK Sistema bonds worth 15 billion roubles to its list of fixed income securities, with BCS Global Markets as the bookrunner. The initial coupon rate of 6.80%-7.00% per annum was reduced as part of bookbuilding to 6.60% per annum, setting the yield to maturity at 6.71% per annum. Thanks to the high market demand, the initial placement was increased from 10 to 15 billion roubles. There is a four-year call provision. The issue is eligible to be used as investment with pension savings and insurance reserves.
PAO AFK Sistema is a major Russian corporation, owning and managing a large portfolio of companies. Currently, it has a controlling stake in MTS, Detsky Mir, GK Medsi, GK Segezha, BESK, Agricultural Holding Step, RTI, Kronstadt, etc.
The company has international ratings from the world’s leading agencies, including B B- from Fitch, BB- from S&P, as well as ruA from Expert RА.

On 28 May 2020, MOEX added X5 FINANCE bonds worth 10 billion roubles to its list of fixed income securities, with BCS Global Markets as the bookrunner. The initial coupon rate of 5.80%-5.90% per annum was reduced as part of bookbuilding to 5.75% per annum, setting the yield to maturity at 5.83% per annum There is a call provision in 30 months. The issue is eligible to join the Bank of Russia’s Lombard List as well as be used as investment with pension savings and insurance reserves.
X5 Retail Group (MCX&LSE: FIVE) is one of Russia’s major food retailers managing a number of brands including convenience stores Pyaterochka, supermarkets Perekryostok and hypermarkets Karusel.
The company has international ratings from the world’s leading agencies, including BB+ from Fitch, Bа1 from Moody’s, BB from S&P, as well as ruAA+ from Expert RА.