Sovcomflot defies Russia sanction risk to come to market

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By Mariam Meskin
20 Apr 2021

Sovcomflot, the majority state-owned Russian shipping company, defied some market participants' expectations on Tuesday by coming to market to raise dollar debt just days after a fresh wave of US sanctions on Russia.

Sovcomflot, rated Ba1/BBB-/BBB-, raised $430m in a Reg S/144A senior unsecured Eurobond with a tenor of seven years.

Initial price thoughts on the April 2028 note were set at 4.375% area. That later tightened to a coupon of 3.85% and a reoffer spread of 262bp over mid-swaps. 

Citi and VTB Capital ...

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