Russian Railways sterling bond issue garners strong investor support

russian-railways-trains — Russian Railways: successful £350 million bond

Thomas Whittaker
04 Apr 2011

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Deal terms
Issuer: Russian Railways
Size: £350 million
Issue Date: March 18, 2011
Maturity: March 25, 2031
Ratings: Baa1/BBB/BBB(Moody’s/Fitch/S&P)
Coupon: 7.487%
Issue Price: 100
Spread: 325bp over UK Treasuries
Bookrunners: Barclays Capital, Goldman Sachs, VTB Capital

Russian Railways’ decision to issue a sterling deal as its second international bond seemed a brave move, particularly in a month when instability in the Middle East, the Japanese earthquake and concern over Portuguese sovereign debt

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