Russia pays nil to negative premium for dollar taps

By Mike Turner
21 Jun 2019

Russia saw more than $8bn of orders at peak demand for a tap of its 2029 and 2035 Eurobonds, with the sovereign getting such a rapturous response that it paid zero to negative new issue premiums.

The sovereign doubled the size of its 4.375% 2029s to $3bn and added $1bn to its 5.1% 2035s to bring the total up to $4bn on Thursday.

Russia, rated Baa3/BB-/BBB-, hit screens with initial price thoughts at 4% area for the 2029s and 4.45% area for the 2035s.

“The initial ...

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