PhosAgro Successfully Debuts on Russian Debt Market with Yuan-Denominated Bonds

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MOSCOW , April 14, 2023 (press release) –

Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that it successfully completed the book build for its first-ever issue of exchange-traded bonds in the amount of CNY 2 billion on Moscow Exchange. 

The bonds have a par value of CNY 1,000, a coupon period of 91 days and maturity in three years. The bonds were issued with a variable coupon rate, which is calculated as the China loan prime rate (LPR 1Y) + 1.2%; due to investor interest, the final discount percentage was reduced from 1.3% above LPR (1Y). The main buyers of the bonds were institutional and private investors.

The bonds are included in Moscow Exchange’s Level 1 quotation list. The rating agencies Expert RA and ACRA assigned the issue a credit rating of ruAAA and AAA(RU), respectively.

The order book was closed on 10 April 2023, and settlements on the transaction took place on 13 April 2023. The lead manager and placement agent for the bonds was Gazprombank. 

Mikhail Rybnikov, CEO and Chairman of the Management Board of PhosAgro, said: 

“Amid the current environment, we had quite a successful debut on Moscow Exchange with foreign-currency bonds. In so doing, we have discovered a new space for raising capital on terms that are comfortable for the Company.”


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