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Bank GPB International S.A. is a Joint Lead Manager in an offering of debt securities issued by Russian Railways in an aggregate principal amount of RUB 15 bio 8. 99% Notes due 03 March 2024

14.03.2017

Bank GPB International S.A. is pleased to inform that it has acted as a Joint Lead Manager in an offering of debt securities issued by Russian Railways in an aggregate principal amount of RUB 15 bio 8.99% Notes due 03 March 2024.
 
The “benchmark” size transaction has been announced with the initial price thoughts at “9,2% area” and final pricing far outside this range. Lead manager’s well-chosen tactics and a high interest from the foreign investors allowed oversubscribing the order book and closing the deal at rate 8.99%.

Final demand from investors exceeded RUB 38 bio (17% of the whole demand coming from Continental Europe investors).

It is important to note that the issue of bonds has been placed with minimal new issue premium to the secondary euroruble curve of Russian Railways, being a good proof of high interest from global investors to qualitative Russian risk even in the conditions of high volatility in the markets.