Bonds

Eurobonds

MKB has been an active player in the Eurobond market since its debut in 2006. As at end-2019, the outstanding principal amount of its Eurobonds totalled USD 2.5 bln, EUR 0.5 bln and RUB 5.0 bln. They were issued via a special purpose vehicle, CBOM Finance p.l.c., on the Irish Stock Exchange.

Security type Placementdate ISIN Par value Amount outstanding Coupon rate Maturity, years
Subordinated Eurobonds 2025 26.11.2014 XS1143363940 RUB 5,000,000,000 RUB 5,000,000,000 16.500% 10.5
Eurobonds 2021 07.11.2016 XS1510534677 USD 500,000,000 USD 500,000,000 5.875% 5
Subordinated Eurobonds 2027 05.04.2017 XS1589106910 USD 600,000,000 USD 440,000,000 7.500% 10.5
Subordinated perpetual Eurobonds 10.05.2017 XS1601094755 USD 700,000,000 USD 540,000,000 8.875% Perpetual Eurobonds
Eurobonds 2023 14.02.2018 XS1759801720 USD 500,000,000 USD 500,000,000 5.55% 5
Eurobonds 2024 EUR 20.02.2019 XS1951067039 EUR 500,000,000 EUR 500,000,000 5.15% 5
Eurobonds 2024 USD 25.03.2019 XS1964558339 USD 500,000,000 USD 500,000,000 7.121% 5.25

In February 2019, MKB placed its debut euro-nominated 5-year EUR 500 mln 5.15% Eurobond issue.

The issue attracted investors from Continental Europe (45%), the UK and the USA (26%), Southeast Asia and Middle East (4%) and Russia (25%). In total, more than 120 orders were placed from 19 countries of the world. Such distribution speaks of a permanent interest in the bank’s bonds issues on the part of the international investment community. The book building process was preceded by a series of meetings with institutional investors in Zurich, Frankfurt, Vienna, Paris, London and New York.

In March 2019, MKB successfully placed a 5.25-year USD 500 mln 7.121% Eurobond issue. This transaction was the first public borrowing in US dollars by a Russian bank this year, and was the bank’s second international placement in 2019.

Eurobonds due in 2024 (EUR 500 mln)
Eurobonds due in 2024 (EUR 500 mln)
Eurobonds due in 2024 (USD 500 mln)
Eurobonds due in 2024 (USD 500 mln)

A series of meetings with investors in London, Amsterdam, Munich and New York resulted in a book of orders with a wide geographical coverage: Continental Europe (38%), the UK and the USA (7%), Asia and Latin America (5%). The Russian investors’ share is 50%. In total, more than 80 orders were placed from 19 countries of the world.

In 2019 Credit Bank of Moscow optimised its capital structure through of partial repayment and cancellation of USD 600 mln 7.500% p. a. Eurobonds due 2027 and perpetual USD 700 mln 8.875% p.a. Eurobonds. As a result, USD 440 mln in principal of CBOM’27 bonds and USD 540 mln in principal of perpetual bonds remain outstanding.

Internal bonds

The bank’s bonds are on the first level list of Moscow Exchange.

Security type Placement date ISIN Par value, RUB mln Coupon rate Maturity, years
Exchange-traded bond series BO-09 25.03.2015 RU000A0JU898 3,000 10.25% 5
Exchange-traded bond series 001R-01 04.10.2019 RU000A100WC4 10,000 8.35% 3
Exchange-traded bond series 001R-02 03.12.2019 RU000A1014H6 7,000 7.75% 2

Some of the bank’s bond issues are on the third level list of Moscow Exchange.

Security type Placement date ISIN Par value, RUB mln Coupon rate Maturity, years
Corporate bond series 15 24.07.2018 RU000A0ZZE87 3,000 12.0% -
Exchange-traded bond series BSO-P01 11.06.2019 RU000A100FF2 1,000 4.5% 3
Exchange-traded bond series BSO-P02 15.07.2019 RU000A100KS5 1,000 4.5% 3
Exchange-traded bond series BSO-P03 15.07.2019 RU000A100KT3 1,000 4.0% 3
Exchange-traded bond series BSO-P04 03.09.2019 RU000A100SF5 1,000 3.5% 3
Exchange-traded bond series BSO-P05 04.10.2019 RU000A100WT8 1,000 3.25% 3
Exchange-traded bond series BSO-P07 13.11.2019 RU000A101160 1,000 3% 3
Exchange-traded bond series BSO-P08 19.12.2019 RU000A1016Y6 1,000 2.55% 3
Exchange-traded bond series BSO-P09 19.12.2019 RU000A1016X8 1,000 1.55% 3
Exchange-traded bond series BSO-P10 19.12.2019 RU000A1016W0 1,000 0.01% 3