On 9 June 2020, leading global aluminum producer RUSAL successfully placed its bonds on the Moscow Exchange. Egorov Puginsky Afanasiev & Partners (EPAM) provided legal advice to OJSC RUSAL Bratsk which acted as the issuer.
During the book building, the company lowered the coupon rate guidance twice. Indeed, while the initial range was 6.55% to 6.75%, the final coupon rate was fixed at 6.50% p.a. The rate surpassed the record low bond rate set by RUSAL last year and became the lowest bond rate in the history of the company’s placements.
EPAM team was led by Partner and Head of Banking & Finance and Capital Markets Dmitriy Glazounov, Counsel Oleg Ushakov, Associate Gilyana Haraeva, and Junior Associate Dmitry Kabanov.
RUSAL previously came to the domestic bond market in November 2019, when it placed its 10-year bonds with a 3-year put option and a total nominal value of RUB 15bn at 7.45% p.a. EPAM also acted as the legal adviser in respect of that issuance.
During 2019, RUSAL has completed a total of four RUB issuances with a total nominal value of RUB 60bn.