On March 18, 2004, South Telecommunications Company plans to pay out coupon yield on its 1st bond issue (STC-01ob., ISIN RU0009071088). On March 15, 2004South Telecommunications Company transferred Rub 106,515,000 to its payment agent to make bond yield payouts (Rub 71.01 per bond).
On September 19, 2003, South Telecommunications Company successfully placed its 1st issue (non-convertible interest-bearing documentary coupon bonds) on MICEX. The value of the 3-year bond issue totals Rub 1.5 bln with a coupon yield paid once every six months at 14.24% pa which carries a 1-year call offer. Industrial Construction Bank and Renaissance Broker arranged the issue.
From October 31, 2003, to the beginning of March, 2004, the issue’s yields contracted from 13.93% to 9.32%. During these four months investors who acquired STC-1 bonds at the primary placement earned 39% per annum, including 32.5% due to a rise in their market value.
The STC-1 issue took 45 days to fully subscribe. As of February 29, 2004, STC-1 volumes on MICEX totaled Rub 3,340,000, including Rub 815 mln on the open market (24% of total trade volumes) and Rub 1,719 mln on the OTC market (52%) and Rub 805 mln in REPO transactions (24%).
Since the placement, 988 transactions have taken pace, including 785 market transactions (79%) 154 negotiated/special-purpose (OTC) deals (16%) and 49 REPO transactions (5%). Since floatation the weighted average price of the STC-1 bond issue has risen 11.9% and stood at 111.9% of par value as of March 15, 2004. The effective yield-to-maturity of STC-1 bond dropped from 13.93% at primary placement to 9.05% as of March 15, 2004.
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