Research Portal


Sova Capital Acts as Joint Lead Manager and Bookrunner on PIK Group Five-Year Eurobond Placement

25 Nov 2021

Last week, PIK successfully completed a $525mn 5-year Eurobond placement at a yield of 5.625% per annum.

PIK is one of the largest Russian development companies with projects in Moscow, the Moscow Region and the regions of Russia. The developer had plans to place Eurobonds many years ago, in 2008, but then they were never implemented. Since then, the company has not returned to them. A little more than a month ago, the developer conducted an SPO. The total volume of SPO amounted to almost 36.3 billion rubles.

Alina Sychova, Head of Capital Markets Origination at Sova Capital, noted:

“Despite markets being flooded with negative news from Chinese real estate sector, the syndicate and PIK’s management efficiently delivered Company’s credit story to investors making the transaction possible.”

Alongside Sova Capital, the organizers of the placement were JP Morgan, VTB Capital, Alfa-Bank, Renaissance Capital and Sber CIB.