Sovcomflot defies Russia sanction risk to come to market
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 ...