Bank GPB International S.A. has acted a Lead Manager and Bookrunner for SIBUR Holding’s USD 500mm Eurobond placement with a 5-year tenor and 3.45% coupon yield.
- Issue structure – guaranteed notes. Guarantor ratings: Baa3 / BBB- / BBB- (Moody’s/Fitch/S&P). Expected issue ratings: Baa3 / BBB- (Moody’s/Fitch). Listing on Dublin Euronext (regulated market).
- In September 2019, the Company held investor meetings in the UK (London), Continental Europe (Frankfurt and Zurich) and the US (Boston and New York), as well as Global Investor Call.
- One of the advantages of the placement was rarity of SIBUR’s credit for investors – only one outstanding Eurobond issue maturing in 2023 in the amount of USD 307mm, which was previously partially bought back by the Company.
- The order book was opened with the IPTs of 3.75% “area” for a 5-year tenor, Benchmark size. Once Europe and Asia books were in excess of USD 1bn, the price guidance was revised to 3.625% “area”, and the issue size was set at USD 500mm. The final order book was closed at the yield of 3.45%. It peaked at USD 1.35bn, and the final book of USD 1bn was made up of 86 investor orders. Spread to USD mid swaps was 182bps, and spread to US Treasuries – 175.3bps.