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Vneshtorgbank and MDM Bank arrange the third launch of SMATS bonds totalling 1 billion roubles

 
7 October 2004

On 5 October 2004 at MICEX, the third launch of SMARTS bonds took place.

The launch was completed at MICEX by public tender at an auction for the determination of the rate of the first coupon of the bonds.

The launch of the series 3 interest-bearing documentary bonds with SMARTS compulsory centralised custody registered on 10 June 2004 (State Registration Number 4-03-00317-P), with a maturity of five years (1820 days); the bonds have 10 half-yearly coupons.  Having agreed to the issuing documents, the issuer is obliged to redeem all bonds within five days of the 4th coupon period at 100% of the nominal value.  Also, SMARTS has publicised an additional irrevocable public tender for the launch of the bonds with a maturity date of 5 October 2005.

In the course of the launch 111 bids from investors were made.  The approximate quest at the auctionounted to 1041.14 million roubles, with an offered rate of the first coupon of 13.0% to 15.5%; the main bulk of the bids with the rate within 15.00% to 15.25% annually.

The rate of the first coupon, determined by the issuer, consisted of 15.10% annually (75 roubles 29 kopeks per bond); the rate of the second couponounts to 14.1% annually (70.31 roubles per bond); the rate for coupons 5-10 will be determined by the issuer.

The effective profitability of the bonds at put-option is 15.67% annually, and for a two-year tender - 15.17%.

At the auction morning trade session 967,260 bonds were realised; the rest were sold to investors at the additional trade session.  All the bonds were realised on the first day of the launch.

Vneshtorgbank and MDM Bank acted as organisers and underwriters; the co-organiser is IG Aton.  The co-underwriters are Hanti-Mansi Bank, IG Kapital and KB Transportny.

You can find more detailed information about the credit and financial situation of SMARTS in the issuing documents and credit information memorandum on the issuer`s website (www.smarts-gsm.ru) and the organisers` websites (www.vtb.ru and www.mdmbank.ru)


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