Russian Rail pulls off country’s first green, though some baulk

russian railway 230px
By Francesca Young
16 May 2019

Russian Railways launched the first international green bond from its home country on Thursday, a €500m eight year bond. While many emerging market investors were keen to look at the paper, despite the US considering a new round of Russian sanctions, several green investors disliked the company’s ESG enough to not participate.

The state-owned firm, rated Baa2/BBB-/BBB-, sold the bond with a yield of 2.2%. Initial price guidance for the deal started in the 2.5% area before being tightened to 2.375% area. Books were over €1.4bn by the time of that tightening.

A syndicate official away from the deal said ...

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