On 30 August 2022, Polyus PJSC, Russia’s largest gold mining company, has placed its debut CNY-denominated bond issue worth CNY 4.6 billion on Moscow Exchange, with BCS Global Markets acting as the Arranger. The first coupon rate target was set at 4.20% per annum, but during book building the final coupon was fixed at 3.80% per annum (with the effective yield to maturity at 3.84% per annum). High investor demand drove an increase in size from CNY 3.5 billion to CNY 4.6 billion. With a maturity of five years, the issue was assigned a ‘ruAAA’ credit rating by Russia’s credit agency Expert RA.
Polyus is Russia's largest gold producer and a Top 5 global gold mining firm, boasting one of the lowest production costs in the world. The company has RUB 595.1bn in assets, RUB 260.0bn in equity, RUB 365.2bn in revenue, RUB 247.6bn in EBITDA and 0.6x net debt/EBITDA, according to the 2021 IFRS report.
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.