Gazprombank has closed the order book for 16-series exchange-traded bonds worth Rub 10 bln with maturity of 7 years and a call option in 3.5 years at a rate of 9.15%, the bank said in a press release.

Over 60 investors submitted orders to buy the bonds, with total demand being twice as much as the issue. Main demand came from banks (47%) and insurers (21%). The bank noted that the participation of individual investors increased substantially, and Gazprombank attributes this to the introduction of tax benefits in the Russian Tax Code in order to encourage individuals to invest in Russian corporate bonds.

The ETB issue was arranged by Gazprombank and Sovcombank.