Corporate Communications

VTB Capital successfully placed a USD 1.5bn Russian Railways Eurobond issue

29 March 2010

VTB Capital acted as joint bookrunner on a Russian Railways’ USD 1.5bn 7-year Eurobond issue. The coupon was set at 5.739% or 245 bps spread over swap.

The transaction was met with record interest among investors. The book comprised orders from over 400 investors, which allowed to increase issue size from USD 1bn to USD 1.5bn and decrease issue spread from 275bps to 245bps. This represented the lowest spread for any corporate issuer out of Russia/CIS in the Eurobond market.

Andrey Solovyev, Global Head of DCM at VTB Capital, said: “The demand for these securities was impressive: the size of order book was almost USD 10bn. This marks a great debut in the international capital market for a national champion such as Russian Railways”.


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