RZD taps roubles and dollars, showing off high grade demand
State-owned Russian Railways (RZD) priced a $400m tap of its dollar March 2022s on Tuesday and followed it with a Rb12.5bn ($401m) increase of rouble April 2019s on Wednesday, getting away both with ease as investors hurried to buy what they saw as state-risk plus an extra pick-up in yield.
Syndicate officials away from the note said that both deals were priced fairly the dollar tap with a 5bp pick-up to the outstanding notes and the rouble tap with a 25bp-30bp new issue premium.
JP Morgan, Royal Bank of Scotland and VTB Capital were lead managers on
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