On 11 March 2021, Retail Bel Finance LLC again placed bonds worth 3.5 billion roubles with a five-year maturity on MOEX, with BCS Global Markets acting as the lead arranger for a fourth time. The final coupon rate was set at 10.35% per annum, setting the yield to the four-year call option at 10.76% per annum. The new placement by Eurotorg in the Russian debt market has been welcomed by a broad spectrum of investors, with demand estimated more than 5.5 billion roubles. Russia’s rating agency Expert RА assigned a ‘ruA-’ rating according to the Russian credit ratings scale.
Retail Bel Finance is an issuer SPV that was set up to raise funds for Eurotorg LLC on the Russian territory and under Russian law. The company has tapped the Russian debt market for a third year running, increasing the total placement to 18.5 billion roubles.
Eurotorg (‘B-‘ from S&P, ‘B’ from Fitch, ‘byAAA’ from Expert RА) is the largest private company in the Republic of Belarus, and an absolute leader in food retail, more than five times ahead of its closest competitor. The company is represented by stores of different formats: convenience stores, supermarkets and hypermarkets. The Group also operates a major online food business, the biggest in terms of the number of orders in Eastern Europe.