Renaissance Capital, an emerging and frontier markets investment bank, has completed two debt capital markets transactions last week.
A USD50 million Eurobond issue for ABH Ukraine, the sole shareholder of Alfa Bank Ukraine. The new bond issue was a Reg S market only transaction with a one-year maturity and a coupon rate of 10%. Alfa-Bank Ukraine is a leading Ukrainian commercial bank with international capital. The bank ranks among the ten largest banks in Ukraine, according to the National Bank of Ukraine. Renaissance Capital London acted as the Sole Lead Manager for the issue.
A USD40 million Bond Tender Offer for Renaissance Credit’s 7.75 per cent USD350 million senior notes due 2016. Renaissance Credit is a leading consumer lending institution offering consumer loans, credit cards and deposits to 8 million customers across Russia. The tender was structured as a Modified Dutch Auction, which allowed the issuer to achieve the best terms while maximising the tender size and maintaining a small premium to the market. The total amount of investor orders exceeded the original tender cap and allowed the tender to be priced in line with the target range. The Firm received offers from all groups of bondholders, including major institutional investors and private banks. The Renaissance Capital teams in London and Moscow acted as the Sole Deal Manager for the offer.
Dmitry Gladkov, Managing Director and Head of DCM Products, Renaissance Capital, says: “These successful deals highlight Renaissance Capital’s exceptionally strong track record in EMEA markets. We have once again proved our ability to achieve strong results in challenging market conditions. These transactions demonstrate that demand remains strong and we are committed to enabling our clients to benefit from these opportunities.”
