PSB acts as arranger of TRANSAERO Airlines RUB 3 billion bond issue; the issue is successfully placed

PSB acted as the sole arranger of OJSC TRANSAERO Airlines debut bond issue (TRANSAERO 1) totaling RUB 3 billion, which was successfully placed on 28 October 2009.

After the book was closed on 27 October 2009, the amount of bids was estimated at RUB 3.39 billion resulting in the bid/cover ratio of 1.13x. In total, 30 bidders were registered.

Co-arrangers of the deal include: Sberbank, Troika Dialog Investment Company, MFK Bank, Moscow Industrial Bank, Sobinbank, and Russbank. Co-underwriters were: Development Capital Bank, FinDom Investment Company, Nefteprombank, International Joint Stock Bank, and Alta Bank. The sole underwriter was Aljba Alliance Bank.

TRANSAERO is the second largest Russian passenger airline, the third largest Russian cargo airline and the 7th world’s largest leisure carrier.

“We consider the issuance to be very successful based on the bid/cover ratio”, says Denis Tulinov, Head of PSB Investment Department. “Besides, this is a first public placement of a Tier 3 company (there are 4 tiers in Russian RUB bond market, based on the size of revenue and leverage) in the past year. We were happy to act as arrangers for TRANSAERO, the only private transport company in the market, which has a clear and transparent business strategy and a solid financial standing. We believe the Russian bond market is re-gaining confidence on the back of recovery in commodities.”

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About Promsvyazbank

OJSC Promsvyazbank, founded in 1995, is one of the leading privately-owned Russian banks, with total assets under IFRS of RUB 414 billion, and total capital (as calculated under the Basel Accord) of RUB 49.3 billion as of 30 June 2009. The holding company Promsvyaz Capital B. V. owns 84.68% of the Bank, the remaining 15.32% are owned by Commerzbank Auslandsbanken Holding AG, a subsidiary of the second-largest German bank Commerzbank AG. PSB has the following international credit ratings: “Ba2” from Moody’s Investors Service; “B” from Standard & Poor's; “B+” from Fitch Ratings. As of 1 October 2009, PSB had a network of 240 points of sale in Russia, including 48 branches, a foreign branch in Cyprus, and representative offices in China, India and Ukraine. Banking Group Promsvyazbank includes OJSC Promsvyazbank, OJSC Volgoprombank, OJSC Yarsotsbank and OJSC Nizhny Novgorod Bank. www.psbank.ru

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