On 27 December 2022, Yuvelit JSC known in Russia under the brand SOKOLOV placed a bond issue worth 3 billion roubles on Moscow Exchange, with BCS Global Markets acting as the Arranger. The initial coupon target was no higher than 13.90% per annum but during book building the target was cut twice, with the final coupon rate set at 13.40% per annum (and the effective yield to maturity at 14.09% per annum). This issue has a maturity of three years and has been assigned a BBB+(RU) rating by Russian credit agency АCRA.
Yuvelit JSC (BBB+(RU) by ACRA) is widely known as SOKOLOV, a jewellery brand No.1 in Russia, representing the fastest-growing non-food retail segment in the world and offering the top mono-brand mobile app in terms of the users and monthly audience. As the biggest producer of jewellery in Russia, SOKOLOV has a network of 416 stores and 12 million clients. According to the 1H2022 IFRS report, its LTM revenue was 24 billion roubles, EBITDA LTM stood at 3 billion roubles, EBITDA margin LTM at 12%, and net debt/EBITDA LTM at 2.2х.