On 22 November 2022, State Company Avtodor placed a bond issue worth RUR 4.6 billion on Moscow Exchange, with BCS Global Markets acting as the Arranger. The first coupon rate target was set at 9.69% per annum but during book building the rate target was lowered thrice, with final coupon set at 9.45% per annum (with the effective yield to put option at 9.67% per annum). High investor demand drove a 2x oversubscription. With a maturity of five years and a put option in two years, the issue has been assigned credit ratings: ‘AА(RU)’ by ACRA and ‘ruAА+’ by Expert RA.
State Company Avtodor (‘AA(RU)’ by ACRA; ‘ruAA+’ by Expert RA) is a non-profit organisation established in 2009 under Federal Law 145-FZ to manage federal public highways, including M-1 ‘Belarus,’ M-3 Ukraine,’ M-4 ‘Don,’ M-11 ‘Neva’ and others. It is also rolling out new projects, such as the M-12 ‘Moscow-Kazan’ highway, which will connect the Moscow, Vladimir, Nizhny Novgorod Regions, the Republic of Chuvashia, and Tatarstan with the network of high-speed roads in European Russia.
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.