On 26 March 2021, VIS FINANCE LLC made another bond placement on MOEX, this time worth 2 billion roubles, with BCS Global Markets acting as the Arranger.
A long marketing campaign (including an online workshop by Cbonds-Congress), coupled with professional collaboration between the Issuer and the Arrangers drove enough demand to ensure the full amount placement.
The first coupon rate target during the marketing process was no higher than 9,25% per annum (the yield to maturity no higher than 9,58% per annum). As part of bookbuilding, the coupon was set at 9,15% per annum, setting the yield to maturity at 9,47% per annum. The issuе has a maturity of three years. The issue is assigned 'A(RU)' bond rating by Russia’s rating agency ACRA.
VIS Group JSC ('A(RU)' by ACRA) is a Russian infrastructure holding that is one of the leaders in the domestic PPP market and is also on the list of Russia’s systemically important companies. It invests own funds into new transport, social and utilities infrastructure through PPPs and concessions, managing each stage of their lifecycle (structuring projects, raising funds, building and maintaining new sites). According to the Group's 2020 financial report, revenue totaled 22 billion roubles, EBITDA was at 4.3 billion roubles, EBITDA margin stood at 20%, while net debt/EBITDA was 0.6х.
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.