Comment on PIK’s debut Eurobond placement (Ba2/BB-)
smartmoney.oneSource: Bloomberg, ITI Capital estimateAbout company PIK is Russia's largest developer (with construction volumes almost double those of its nearest competitor as of early September 2021) with a particular focus on the Moscow city (43% of total construction area), the Moscow Region (27%), and some other Russian regions.The group's land bank was around 21.5 mln sq.
m. (+30% YTD) at the beginning of 3Q21.PIK focuses on mass-market construction.New contracts in 9M21 amounted to 1.7 mln sq.