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.
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.