Troika Dialog issues capital protected notes in Russia
Troika Dialog closed the book earlier today on its first issue of capital protected notes in Russia. The Troika Index Bonds were issued by a special purpose vehicle - OAO Troika Invest - and incorporate a binding offer from by Troika Dialog Investment Company to purchase the bonds at nominal cost accounting for all enumerated coupons at redemption date in case the issuer fails to meet its obligations. The structured products were issued under Russian law.
Bondholders receive a profit on rises in the US dollar-denominated RTS index, the benchmark Russian stock index, "multiplied by a dependence coefficient determined by the issuer on the basis of marketing results for the product", states Troika in a release. The issuer fixed the dependence coefficient for the bonds at 45% on June 16. "In case of a drop in the RTS index, bondholders will receive the bond nominal upon redemption plus a minimal fixed coupon of 0.01%."
Three hundred and 26 investors
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