Russian Railways steams up in seven year dollars
Russian Railways lived up to a reputation for aggressive pricing on Wednesday, printing a new seven year dollar benchmark comfortably inside its existing curve.
The $500m Reg S note priced to yield 4.375%, just 27.5bp wide of where the Ba1/BB+/BBB- rated borrower’s April 2022s were trading pre-announcement. Bankers away from the deal had put fair value for the new issue at 4.6%-4.8%.Andrey Solovyev, global head of DCM at bookrunner VTB ...
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