MMK corporate rouble bonds
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JSC "Magnitogorsk Iron & Steel works" has been issuing bonds since March, 2000.
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The 16th issue of MMK RUR corporate bonds was offered on the 8th of August, 2002. The amount of the issue is RUR 300 000 000, it will be outstanding for 370 days. The approved interest rate is 17% per annum.
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Since 2000 MMK has placed 17 issues of corporate ruble-denominated bonds for a total value of 2.9 billion rubles (USD 98 million).
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From the beginning of corporate bond issuing MMK has managed to bring down the interest rate to 9,75% per annum while the first issues in 2000 were at the interest rate 32% per annum.
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The financial consultants of the rouble bond were Rosbank and Investment company "Clearing Stock Centre".
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On the 3rd of December, 2002 JSC "MMK" stated of the state registration of the 17th RUR 900 000 000 due in 2 years corporate bonds issue.
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On April 9, 2003, MMK was the first corporate issuer to place bonds with YTM below 10%. The 900 million issue was placed with a maturity of 740 days at 9.75% YTM.
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