Media Room
27 Oct 2022
BCS Global Markets acts as arranger of CNY-denominated bond issue by UC RUSAL

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.