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

30 September 2016
BOOKSTATS: Russian Railways Gets RUB50b Bids for 2023 Eurobond

Russian Railways sells RUB15b of Eurobonds due in 2023 at 9.2% vs IPT of 9.5% area. Gets about RUB50b in bids from investors, Andrey Solovyev, global head of debt capital markets at VTB Capital in London, says by phone. 

Allocations by region:
  • Russia 52%
  • U.K. 30%
  • Continental Europe 16%
  • Switzerland 2%

By investor type:
  • Banks and private banks 63%
  • Asset managers and funds 37%

Solovyev expects deal will “inspire other companies” to consider ruble Eurobonds, including from infrastructure, transportation and utilities sectors. VTB continues work on dollar deals for Russian borrowers, doesn’t rule out more debut debt sales. ∙Solovyev says Otkritie is monitoring the market.

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