On 17 August 2022, Setl Group LLC made a bond placement worth 10 billion roubles on MOEX, with BCS Global Markets acting as the Arranger.
While the first coupon rate target was below 12.70% per annum, during book building, the final coupon was set at 12.15% per annum, with the effective yield to maturity at 12,71% per annum. High demand drove an increase in the size of the placement from 5 to 10 billion roubles. With a maturity of three years, the issue is assigned 'A(RU)' bond rating by Russia’s rating agency ACRA.
Setl Group LLC ('A(RU)’ by А CR А ) is one of the biggest financial and industrial conglomerates in Russia’s north-west and second largest in terms of new housing. Throughout its history, the Company has commissioned 299 residential buildings, as well as 53 social facilities. According to the 2021 IFRS report, Setl Group’s revenue stood at RUB 125.3bn (+8% YoY), with RUB 255.8bn in assets (+43% YoY), RUB 29.4bn in equity (+28% YoY), and net debt/EBITDA at 1.3x.
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.