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Bank GPB International S.A. has acted a Lead Manager and Bookrunner for PJSC “GTLK” Eurobond placement

In April 2019, Bank GPB International S.A. acted as a Lead Manager and Bookrunner for PJSC “GTLK” USD 500mm Eurobond placement with a 6-year tenor, 6.125% coupon yield and 99.132% re-offer price.

PJSC “GTLK” (Ba1/BB/BB- credit ratings from M/F/S&P) and GTLK Europe DAC are guarantors for the USD Eurobond placement. Expected issue ratings: Ba2/BB (M/F).

  • On pricing day the initial coupon guidance was announced at 6.375-6.500%. The company twice lowered the indicative yield: 1) to 6.25% “area”, when the order book exceeded USD 1.3 bln.; 2) the final coupon rate was set at 6.125%, which is 37.5 bps below the IPG. Spread to mid-swaps is 379 bps. The investor demand exceeded USD 1.5 bln.
  • 70% of the issue was bought by European investors (27% - Continental Europe, 18% - the UK, 17% - Germany & Austria, 8% - Switzerland). Asian investors also participated in the deal.