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