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CBR acknowledges HCF Bank's bonds as subordinated debt

November 7, 2012
The CBR has acknowledged a $500m bond of HCF Bank priced on 24 October 2012 as subordinated debt. The proceeds were added to the bank's capital on November 7. "The subordinated issue will help us boost capital adequacy by about 4%. This will secure additional stability of our business," said Dmitry Mosolov, first deputy head of the board of Home Credit and Finance Bank. As of 1 October 2012 the bank's capital adequacy stood at 12.88% (compared to the minimum required level of 10%). The subordinated bond of Home Credit and Finance Bank has a 7.5-year tenor and a put option in 5.5 years. The coupon rate is set at 9.375%. The book was 5.7 times oversubscribed. The bond attracted over 180 investors from 30 countries representing international financial institutions and retail investors, private banks and pension funds from all over the world. The geographical breakdown was the following: Europe (29%), the USA (26%), the UK (21%), Russia (16%), Asia (8%).
Company — HCFB
  • Full name
    Home Credit & Finance Bank LLC
  • Registration country
    Russia
  • Industry
    Banks