VTB Capital acted as a joint lead manager and joint bookrunner on the successful placement of 3-year RUB 20bn Eurobond placement for RusHydro with a coupon of 7.4%.
During the transaction the order book was more than 4x oversubscribed reaching over RUB 90bn at its peak. Such substantial demand allowed to lower price guidance from the initial 7.8% to 7.45% - 7.55% area and place the Eurobond with the final coupon of 7.4%.
Andrey Solovyev, Global Head of DCM at VTB Capital, said: “The placement attracted keen interested from international and Russian investors, over 50 bids were placed during the transaction. Asian investors bought 56% of the issue, Russian – 28%, 11% of the placement went to UK investors and 5% to Europe. Asset managers and funds bought 64% of the issue, with 36% going to banks and private banks”.
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