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Russian Railways to issue 15 billion rubles in five- and seven-year bonds
By Reshmi Basu
New York, Nov. 7 - JSC Russian Railways (Baa2/BBB-/BBB) plans to issue 15 billion rubles of five- and seven-year bonds on Nov. 16, according to a market source.
The deal is comprised of 10 billion rubles of five-year bonds and 5 billion rubles of seven-year bonds.
The five-year bonds are expected to be bear a yield of 7.40% or higher.
Meanwhile the seven-year bonds are expected to carry a yield of 7¾% or higher.
The auction price for both issues is expected to be par.
The issuer, a railway monopoly, is based in Moscow. The Russian Federation is the only shareholder.
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