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Rusal might make decision on panda bonds public program in fall

July 12, 2017, 16:12 UTC+3 MOSCOW

The debut program for 10 bln yuan was not public

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MOSCOW, July 12. /TASS/. Russia’s largest aluminum producer, Rusal, might decide to register a panda bonds public program in fall, the company’s Deputy CEO, Director for Strategy, Business Development and Financial Markets Oleg Mukhamedshin told reporters, adding that it is still too early to talk about the volume.

He noted that the debut program for 10 bln yuan was not public, only banks acted as investors.

"We expect to register a new program in the future when the issue is public and will be able to actively bargain. The current program expires early next year, and in fall we plan to discuss with our colleagues in China the possibility of registering a new program. It is too early to talk about any specific numbers, it will depend on the market conditions, demand, the company’s needs," he said.

According to Mukhamedshin, if the market conditions are favorable, then Rusal might place bonds within the current program, but so far the company does not need it and the conditions are not as attractive as they were when the debut issue was issued. He also added that so far the company does not consider placing Eurobonds.

"We have consistently implemented a strategy to reduce the company's debt - over the past five years we have reduced the total debt by a quarter, Thus, all the tools that we use to attract financing are being used to repay a more expensive debt that raised earlier. Now we do not see the need to enter the market," Mukhamedshin said.

The company’s CEO Vladislav Soloviev told TASS earlier that Rusal still plans a second panda bond issuance worth 1 bln yuan by the end of this year, adding that the final decision will depend on the market situation. "Whether (panda bonds - TASS) will be issued by the end of the year will depend on the market," he said.


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