On 23 June 2019, primary placement of Setl Group bonds in the amount of 5 bn rubles was performed at Moscow Exchange.
The issue arrangers were REGION BC, VTB, Gazprombank, BCS Global Markets, Alfa-Bank. The bonds maturity will be 3.5 years, quarterly coupon payments are envisaged for the issue. The initial benchmark of coupon rate was no more than 11% per annum, but during pre-marketing the range was lowered twice, and the final coupon rate amounted to 10.75% per annum. Besides, during bookbuilding, the volume of the placement was increased from no less than RUB 3 bn to RUB 5 bn. Upon completion of bookbuilding, the total demand nearly doubled the original target and amounted to RUB 5.8 bn.
A RUB 5 bn Setl Group bond issue is currently circulated. The company has a ratings B+/Stable from S&P and A-(RU)/Stable from AKRA.
Setl Group is a company consolidating assets of Setl Group, one of the largest real estate developers in Russia (TOP-3 in terms of commissioning of premises in the Russian Federation in 2018). The group unites companies operating in construction and development (96% in the revenue structure) with a focus on comfort class residential buildings, primarily in the territory of St. Petersburg and the Leningrad region (14% of the total sales volume in the primary market of the region).
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.