On 21 July 2020, MOEX launched a debut placement of AO MaximaTelecom bonds worth 3 billion roubles to its list of fixed income securities, with BCS Global Markets as the lead manager.
The initial coupon rate of 10.75%-11.25% per annum was reduced as part of bookbuilding to 10.75% per annum, setting the yield to maturity at 11.04% per annum. There is a three-year call provision. The issue has been included in the MOEX Innovation and Investment Market section.
AO MaximaTelecom is a high-tech Russian company creating, maintaining and monetizing infrastructure for digital cities. It operates Europe’s largest Wi-Fi network, including networks in the underground rail systems in Moscow and St. Petersburg, Aeroexpress trains to Moscow airports, commuter trains in the Moscow Region, as well as in 15 key national airports.
Russia’s rating agency АКRА assigned a ‘BBB+(RU)’ credit rating.
“Currently, we are seeing growing interest to ruble-denominated bonds from individual investors, and the issue by MaximaTelecom is yet another example. More than half of the placement has been purchased by retail customers. We believe the trend will continue amid a monetary policy easing by the Bank of Russia,” said Aleksey Kupriyanov, Head of DCM at BCS Global Markets.
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.