Eurobonds Russian Bank for Development, 2006 (CLN)
Issue information:
• Issuer, issue number:
Russian Bank for Development, 2006 (CLN)
• Type of bond:
Eurobonds-CLN
• Issue status:
redeemed
• Currency:
RUR
• Amount:
2 500 000 000
• ISIN:
XS0214747387
• Start of placement:
Mar 31 2005
• End of placement:
Mar 31 2005
• Coupon:
7.6%
• Coupon frequency:
2 time(s) per year
• Settlement date:
Mar 31 2005
• Maturity date:
Dec 29 2006
• Arrangers:
ING Bank (Evrasia)
• Additional information:
On Mar 31st Nederland ING Bank through its subsidiary company ING Bank Eurasia placed notes linked to ruble credit to Russian Bank of Development.
The issue size is RUR2.5 bln; tenor – 21 months.
The Ministry of Finance of the Russian Federation acting as an agent of the Russian Government provided ING Bank N.V. with a guarantee in the amount of RUR3 bln covering the principal of the loan and the interest payments.
According to the Russian Bank of Development data the ING opened credit line worth RUR2.5 bln to it at 8.95% late 2004. Like the credit itself the notes are RUR denominated, but all payments will be made in USD – the common practice in Euroclear and Clearstream systems where the note will circulate.
The notes were in high demand and the coupon rate was fixed at 7.6% p.a. with 65% of the issue amount went to the foreign buyers.
The Credit Linked Notes were issued by ING Bank N.V. in relation to its USD 12 bln Limited Recourse Obligation Programme. The Programme envisages settlement of the CLN’s via Euroclear and Clearstream.
Russian Bank of Development plans to use the funds raised for financing its small business development programme
