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November 15, 2018

RusHydro has successfully closed the bid book on debut dim sum bond issue

November 15, 2018. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces closing the bid book on renminbi-denominated bonds.

RusHydro is the first Russian corporate to issue Eurobond denominated in renminbi (dim sum bonds).

The issue of 3-year dim sum bonds in the amount of CNH 1.5 bn is the largest public financing transaction denominated in CNH by a Russian borrower. The transaction reflects implementation of agreements in the field of economic cooperation between Russia and China, including financing in national currencies.

Total demand reached 2.5 bn renminbi, with the share of Asia-based investors representing more than 82% of the final bid book. The bond is placed in accordance with RegS. The final coupon rate was set at 6.125%. RusHydro’s liabilities will be fixed in rubles on conditions comparable to conditions, prevailing on ruble-denominated debt market, enabling the Company to mitigate forex risk.

Nikolay Shulginov, Chairman of the Management Board – General Director: “Successful debut placement of renminbi-denominated Eurobond demonstrated high level of trust from international investors to the Company as a reliable borrower. In particular, investors from Asia-Pacific region have shown strong interest in the issue.  For the Company raising 1.5 bn renminbi via Eurobond issue opens a new and very promising source of financing, especially important in the light of current geopolitical conditions and our strategic plans for developing energy sector of the Russian Far East”.

VTB Capital, JP Morgan and Gazprombank acted as the issue organizers.

Earlier placement of debt by RusHydro in September 2017 and February 2018 also has been greeted by high interest from investors as the share of European, US and British investors represented 3/4 of the September issue volume. RusHydro’s focus on developing the energy sector of the Russian Far East attracted a record-high number of investors from China, Hong Kong and Taiwan. Their share represented over 40% of the volume. The February placement was also quite successful, as the demand was almost four times the necessary threshold volume issue of RUB 20 bn.  The final bid book was allocated between Asian, European and Russian investors with international investors representing 2/3 of demand.

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