Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, successfully completed the placement of an issue of CNY 1.5 billion in BO-02-05 series bonds with a maturity period of 3.2 years. The bonds have a fixed coupon rate of 8.00% per annum and a coupon period of 91 days.
The Expert RA rating agency has assigned the bond issue its highest-possible credit rating of ruAAA.
The book-building process has attracted significant demand from banks, private and institutional investors. As a result, the bonds have been priced at the lower end of the initial price guidance.
Trading of the bonds on the Moscow Exchange began on 3 March 2026. Gazprombank is acting as the bookrunner and placement agent.
“After a year, PhosAgro has returned to the Russian market with another issue of yuan-denominated bonds. Compared to the previous placement, the volume has increased 1.5 times, and the coupon rate has decreased by almost 2.5 bps. Despite the market volatility driven by the rising rates on currency-linked instruments, the placement has been completed successfully and demonstrated investors’ confidence in the Company’s credit quality and readiness to commit to long-term investments in yuan-denominated bonds,” said Denis Shulakov, First Vice President of Gazprombank (JSC), Head of Capital Markets.
“We greatly appreciate the interest that investors have shown in our third issue of yuan-denominated bonds amid challenging conditions in the currency-linked instruments market. The high demand is a testament to investors’ confidence in PhosAgro’s credit quality and the effectiveness of our financial strategy. The Company has been able to increase the placement volume and lower the coupon rate thanks to its stable position and proactive approach to debt portfolio management. We will continue to strengthen our position in the debt market, offering high-quality investment instruments and living up to our reputation as a reputable issuer,” said Alexander Sharabaika, PhosAgro’s Deputy CEO for Finance and International Projects.