On 21 April 2021, Setl Group LTD made a bond placement worth 7.5 billion roubles on MOEX, with BCS Global Markets acting as the Arranger.
The first coupon rate target during the marketing process was 8.50-8.85% per annum. As part of bookbuilding, the final coupon was set at 8.50% per annum, with the yield to maturity at 8.77% per annum. High demand drove an increase in the size of the issue from 5 to 7.5 billion roubles, following double oversubscription of 11 billion roubles. The placement is assigned 'A-(RU)' bond rating by Russia’s rating agency ACRA.
Setl Group LTD (‘B+’ by S&P, ‘A-(RU)’ by АCRА) is one of the biggest financial and industrial holdings in Russia’s north-west, and Top 3 in the country’s construction industry. Over the past 27 years, the Company commissioned 253 residential buildings, 43 social and 5 commercial facilities. Currently, Setl Group has 8.4 m sq m under construction and design. Expected 2020 IFRS revenue stands at 116 bn roubles.
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.