On 27 October 2022, Russia’s aluminum giant UC RUSAL placed another issue of CNY-denominated exchange-traded bonds worth 6 billion on Moscow Exchange, with BCS Global Markets acting as the Arranger.
The first coupon rate target was set at 3.80% per annum but during book building the final coupon was fixed at 3.75% per annum (with the effective yield to maturity at 3.80% per annum). High investor demand drove an increase in size from CNY 5 billion to CNY 6 billion. With a maturity of 2.5 years, the issue was assigned an ‘A+(RU)’ credit rating by Russia’s credit agency ACRA.
UC RUSAL IPJSC (‘A+(RU)’ by ACRA) is a leader in the global aluminium industry and the largest producer of aluminium with a low carbon footprint. According to the 2021 IFRS consolidated financial statements, it earned $12.0bn in revenue and $3.2bn in net income, with adj. EBITDA at $2.9bn, adj. net debt / EBITDA at 1.6x, adj. EBITDA margin at 24.4%, assets worth $20.9bn, and equity of $10.5bn.
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.