On 21 April 2021, Setl Group LTD made a bond placement worth 7.5 billion roubles on MOEX, with BCS Global Markets acting as the Arranger.
The first coupon rate target during the marketing process was 8.50-8.85% per annum. As part of bookbuilding, the final coupon was set at 8.50% per annum, with the yield to maturity at 8.77% per annum. High demand drove an increase in the size of the issue from 5 to 7.5 billion roubles, following double oversubscription of 11 billion roubles. The placement is assigned 'A-(RU)' bond rating by Russia’s rating agency ACRA.
Setl Group LTD (‘B+’ by S&P, ‘A-(RU)’ by АCRА) is one of the biggest financial and industrial holdings in Russia’s north-west, and Top 3 in the country’s construction industry. Over the past 27 years, the Company commissioned 253 residential buildings, 43 social and 5 commercial facilities. Currently, Setl Group has 8.4 m sq m under construction and design. Expected 2020 IFRS revenue stands at 116 bn roubles.