On 21 May 2021, JSC ‘LC ‘Europlan’ placed bonds worth 10 billion roubles on MOEX, with BCS Global Markets acting as the Arranger.
The first coupon rate target during the marketing process did not exceed 8.10% per annum. As part of bookbuilding, the final coupon was reduced to 7.80% per annum, with the yield to maturity at 8.03% per annum. The bond issue has a maturity of three years, with amortization set for the final two years. It was assigned ‘A+(RU)’ bond rating by Russia’s rating agency ACRA.
JSC ‘LC ‘Europlan’ (‘BB’ by Fitch, ‘A+(RU)’ by ACRA) is a leader in passenger car leasing. It holds the 1st place in Russia in passenger car leasing volumes as of 9M 2020, according to Expert RA, as well as the 1st place in terms of the volume of new business in cars and trucks. The sole shareholder of Europlan is the financial and industrial group Safmar controlled by Mikhail Gutseriev, which has assets in commodities (oil), insurance, construction and development, as well as retail. Due to COVID-19 restrictions, sales of passenger cars and LCVs declined in Russia in 2020, but the Company's leasing portfolio continued to grow. The portfolio consists of passenger cars (46.6%), commercial vehicles (33.1%), and mobile machinery (10.7%).