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Raiffeisenbank serves as organizer for AMURMETAL’s third bond issue

AMURMETAL, the largest steel maker in the Russian Far East, placed its third bond issue on MICEX on April 18. The first coupon was set at 12.75% annual interest, for a yield to put of 13.16%.

During the placement, 71 bids from investors were received for a total of over RUR3.8bn, at prices implying an annual interest range of 10.00%-12.90%. The entire issue was placed during the auction.

Raiffeisenbank served the organizer for the issue.

Bank BFA served as co-organizer; the lead underwriters were Bank Zenit and Gazenergoprombank; the underwriters were Alfa Bank, Nord Capital and RosBank, while the co-underwriters were Russian Land Bank, Norvik Bank, Region Investment Group, Russ Invest, Severnaya Kanza Bank, and Solid.

The total face value of the bonds was RUR3bn (three years to maturity). The bonds will pay annual coupons (12.75% in the first year) and will be puttable at face value after the first year.

AMURMETAL plans to use the proceeds to refinance outstanding debt and finance investment projects.

AMURMETAL is the largest electro-metallurgical company in the Russian Far East, processing ferrous metal scrap as steel rods and rolled plates of various types. Roughly half the company?s output is exported to Southeast Asia: Korea, Vietnam, the Philippines, and other countries. The company reported revenue of RUR10.1bn over 9M08 and earnings of RUR616mn.

Raiffeisenbank is a leader on the Russian corporate bond market. During 2001-2008, the bank served as organizer and co-organizer for 135 corporate bond issues with total face value of over RUR420bn.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is the largest foreign-owned bank in Russia, ranking 7th in terms of assets among top Russian banks based on 2007 results (Interfax-CEA). Raiffeisenbank is ranked 7th in terms of corporate lending based on 2007 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 4th in Russia in terms of private deposits and 6th in consumer lending in Russia based on 2007 results.

Raiffeisen International operates one of the largest banking networks in CEE. 17 markets of Europe’s growth region are covered by subsidiary banks, finance leasing companies, a representative office and a number of other financial service providers. Over 14 million customers are attended to through more than 3,000 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns 68.5 per cent of the common stock. The balance is free float, the shares are traded on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group.


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