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Fitch Rates SDM Bank's Debut 01 Series Bond Issue 'B(EXP)

February 6, 2013 Fitch Ratings
Fitch Ratings-London/Moscow-05 February 2013: Fitch Ratings has assigned SDM-Bank's (SDM) upcoming debut issue of senior unsecured RUB bonds expected Long-term ratings of 'B(EXP)' and a National Long-term rating of 'BBB(rus)(EXP)'. The bonds' expected Recovery Rating is 'RR4(EXP)'

The bonds have a maturity of three years, a nominal value of RUB1.5bn, semi-annual coupons and a one-year put option.

SDM has a Long-term Issuer Default Rating (IDR) of 'B', a Short-term IDR of 'B', a Local Currency Long-term IDR of 'B', a Viability Rating of 'b', a Support Rating of '5', a Support Rating Floor of 'NF' and a National Rating of 'BBB(rus)'.

SDM is a small Moscow-based bank established in 1991. The bank is funded by corporate and retail customer accounts and focuses on SME and corporate lending. SDM is 66.2% owned by Anatoly Landsman. Minority stakes are held by EBRD (15%) and Firebird Avrora Fund (8.5%).
Issue — SDM-Bank, 01
  • Status
    redeemed
  • Country of risk
    Russia
  • Redemption (put/call option)
    *** (***)
  • Amount
    1,500,000,000 RUB
  • М/S&P/F
    — / — / —
Company — SDM-Bank
  • Full name
    SDM-Bank Public Joint Stock Company
  • Registration country
    Russia
  • Industry
    Banks