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Comment by Andrey Solovyev, Global Head of DCM at VTB Capital, for Bloomberg

12 July 2016
Russia’s State Transport Leasing Gets $2b in Bids for Eurobond

Co. got more than $2b in bids from about 160 accounts for its debut Eurobond, Andrey Solovyev, global head of debt capital markets at VTB Capital in Moscow, says in phone interview.

NOTE: State Transport Leasing Co. $500m 5-Yr bond priced at 5.95%
NOTE: Co. began marketing bonds at mid 6% area

Bonds were primarily allocated to investors from U.K. and continental Europe. Russian, U.S., Asian and Middle East investors got smaller allocations, Solovyev said.

There are more Russian deals in pipeline though unlikely to come to market before September, Solovyev said.

“September will be active with deals though we won’t see levels reached in 2013,” Solovyev said. “The situation has radically changed and investors want to buy high yielding Russian paper at a time when you get negative yields elsewhere.”

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