On 30 August 2022, Polyus PJSC, Russia’s largest gold mining company, has placed its debut CNY-denominated bond issue worth CNY 4.6 billion on Moscow Exchange, with BCS Global Markets acting as the Arranger. The first coupon rate target was set at 4.20% per annum, but during book building the final coupon was fixed at 3.80% per annum (with the effective yield to maturity at 3.84% per annum). High investor demand drove an increase in size from CNY 3.5 billion to CNY 4.6 billion. With a maturity of five years, the issue was assigned a ‘ruAAA’ credit rating by Russia’s credit agency Expert RA.
Polyus is Russia's largest gold producer and a Top 5 global gold mining firm, boasting one of the lowest production costs in the world. The company has RUB 595.1bn in assets, RUB 260.0bn in equity, RUB 365.2bn in revenue, RUB 247.6bn in EBITDA and 0.6x net debt/EBITDA, according to the 2021 IFRS report.