On 29 June 2021, the order book for the bond issue by PIK Corporation was closed. As part of bookbuilding, total demand from a broad range of investors stood at 18 billion roubles. The coupon rate with the initial target of below 8.50% per annum was fixed at 8.20% per annum, setting the yield to maturity at 8.46% per annum. The placement with a two-year maturity was assigned an expected credit rating of 'ruA+' by Expert RA. The issue is eligible to be used as investment with pension savings and insurance reserves. 

BCS Global Markets acted as the Arranger for the issue that is scheduled for 2 July 2021. Cooperation between the Issuer and the Co-Arrangers set the stage for significant oversubscription, driving the bond size from five to 10 billion roubles.

PIK Group ('Ba2' by Moody's, 'BB-' by Fitch, 'ruA+' by Expert RA) is Russia’s biggest developer, far ahead of its competitors in terms of construction volume, demonstrating a leading market position. The Group is present in Moscow, the Moscow Region, and eight other regions.

The Group's portfolio is highly diversified, making sure the company's cash flows do not depend on the success of a single project, adding to the Group's competitive advantages.

"The results of bookbuilding for a bond issue by PIK Corporation have exceeded our expectations. Investor demand totalled around 18 billion roubles, and the Issuer decided to double the size of the issue, which we believe to be the right move under the present market situation. Part of a long-standing relationship between PIK Group and BCS Global Markets, this placement is yet another milestone in our win-win cooperation," said Denis Leonov, Head of DCM at BCS Global Markets.