Media Room
27 Dec 2022
BCS Global Markets Acts as Arranger of Debut Bond Placement by jewellery leader SOKOLOV

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.