11 December 2019
Renaissance Capital wins Cbonds Award for arranging the Debut of the Year

Renaissance Capital, a leading emerging and frontier markets investment bank, is the proud winner of the Cbonds Awards 2019 in the Debut of the Year category, for arranging the debut rouble bond issue for Retail Bel Finance, the issuing entity of Eurotorg.

On 5 July 2019, Eurotorg (-/B-/B/byA+) successfully placed its debut RUB5bn bond issue with a 10.95% coupon and effective yield of 11.40%, significantly below the company’s current USD curve.

Eurotorg is the largest retail chain in Belarus with a 19% share of the grocery retail market. The Company is five times larger than the #2 market player and has a presence in 122 of 129 geographic areas in Belarus.

Dmitry Gladkov, Acting Global Head of Investment Banking and Global Head of Financing Group, Renaissance Capital, commented: “Renaissance Capital’s team was able to efficiently market the Eurotorg investment story among global investors. This resulted in strong foreign demand for the offering, despite the local nature of the placement. The placement success opened a gateway to further financing transactions on the Russian debt capital market, and already in September 2019 Eurotorg placed a tap RUB5bn bond issue at 103.00% with no discount to the secondary market. Together with KTZ’s ruble bond issue in 2016, Renaissance Capital has arranged all three foreign corporate placements on the Russian debt market to date, which emphasises our outstanding capabilities and unparalleled access to investor base.”

Previously, Renaissance Capital won two 2017 Cbonds Awards for the bond issuances it arranged for UC RUSAL and Kazakhstan Temir Zholy.

Renaissance Capital has a strong track record of launching debut investment stories and discovering new markets. In 2019, landmark inaugural transactions included: the benchmark $450m 9.50% 5-year Reg S / 144A issue for ETI – the most diversified African financial institution to raise Eurobonds at the Holdco level; a $300mn international 144(A) / Reg S bond issue and debut $125mn additional tier 1 issue for TBC Bank – the largest ever amount issued by a Georgian bank in AT1 format; a 144A/Reg S $300mn high-yield bond offering for TransOil – the first public capital raising out of Moldova; a $300mn 5-year bond issue for ChelPipe (Ba3/—BB-) at a 4.50% yield / coupon – a rare and highly successful EM corporate debut; and a EUR325mn 8.50% 5-year Eurobond issue for DTEK Renewables – a pioneering green bond transaction.