Business Watch
Russian media company, CTC announces 6% drop in profits for Q3
CTC Media, the independent Russian media company which owns three Russian TV channels including CTC, Domashny and DTV has announced a 6% reduction in net profit for the 3rd quarter of 2010, down to $24.3m. The unaudited results were published on the company's official website.
VTB first Russian corporation to place Singapore dollar Eurobond Issue
VTB Capital successfully placed RUB 10bn SUEK debut bond issue
VTB Capital successfully placed SUEK debut bond issue worth RUB 10bn. The coupon is 9.35% per annum, and the bonds are due in 10 years. Bondholders will have the right to request redemption of the bonds on the third anniversary following the issue date. The tenor is set at 182 days.
The book closed with bids coming from nearly 70 investors: banks, asset management and investment companies, as well as private investors. The books were 30% oversubscribed, placing the issue at the bottom of the indicative price range (9.35-9.85% per annum).
OJSC “SUEK” is a leading Russian energy company with a credit rating of B1 (Moody’s). The issuer’s 2009 turnover exceeded RUB 100bn, with the net profit approaching RUB 7bn. The Krasnoyarsk based company is a leading Siberian producer and exporter of thermal coal and an investor in a number of Siberian power generation companies with a combined installed capacity of 7 GW.
In coal production it is rated no 1 in Russia and 7 in the world.