Ukrzaliznytsia guidance pushes boundaries of price thoughts

13 May 2013

Ukrainian state railway Ukrzaliznytsia released initial price thoughts of low 9% on Monday for its five year dollar benchmark bond but syndicate officials away from the deal are arguing that Tuesday's initial guidance of 9.375%-9.5% is wide of that.

Barclays, Morgan Stanley and Sberbank CIB are arranging the deal.

“Call me old fashioned, but guidance with 9.5% as the top end of the range is not low 9%,” said one syndicate official away from the deal. “They’ve evidently had some pushback, but I hear the deal is now ...

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