Media Room
14 Nov 2022
BCS Global Markets acts as arranger of bond issue by O'KEY Finance LLC

On 14 November 2022, O'KEY Finance LLC placed an issue of exchange-traded bonds worth RUR 8.5 billion on Moscow Exchange, with BCS Global Markets acting as the Arranger.

The first coupon rate target was set at 11.75% per annum but during book building the final coupon was fixed at 11.50% per annum (with the effective yield to the put option at 12.01% per annum). The planned amount of placement was increased from RUR 5 billion to RUR 8.5 billion. The issue has a maturity of 10 years with put option in three and a half years, and an ‘ruA-(EXP)’ credit rating by Russia’s credit agency Expert RA. O’KEY LLC and DORINDA JSC provide public irrevocable offer by the issue.


O'KEY Finance LLC is an SPV set up for the bond issue.

O’KEY LLC (‘ruA-‘ by Expert RA) is a major Russian food retail chain. Ever since the first hypermarket was unveiled in St. Petersburg in 2002, it has enjoyed displayed steady growth and has a presence in many Russian cities. According to the 2021 IFRS consolidated financial statements, it earned RUR 187bn in revenue, with EBITDA at RUR 16 billion, and net debt / EBITDA at 1.8x.