New Issue: Russia issues RUB 11.57 billion bonds due 2025, 2031 to yield 11.6%, 8.97%

By Susanna Moon

Chicago, June 1 – Russia auctioned RUB 11,565,000,000 of bonds in two tranches on Wednesday, according to two term sheets.

The issuer auctioned RUB 4.1 billion of bonds due 2025. The cut-off price was 105.55, and the yield at the cut-off price was 11.61%.

The weighted average price was 105.6228 for a yield at the weighted average price of 11.6%.

The amount of 2025 bonds offered was RUB 10 billion, and bids totaled RUB 7.9 billion.

The issuer also auctioned RUB 7,465,000,000 of bonds due 2031. The cut-off price was 97.5, and the yield at the cut-off price was 8.99%.

The weighted average price was 97.6846 for a yield at the weighted average price of 8.97%.

The amount of 2031 bonds offered was RUB 15 billion, and bids totaled RUB 10.22 billion.

Issuer:	Russia
Issue:	Bonds
Amount:	RUB 11,565,000,000
Auction date:	June 1
2025 bonds
Amount:	RUB 4.1 billion
Net proceeds:	RUB 4,486,000,000
Maturity:	Jan. 29, 2025
Cut-off price:	105.55
Yield at cut-off price:	11.61%
Weighted average price:	105.6228
Yield at weighted average price:	11.6%
2031 bonds
Amount:	RUB 7,465,000,000
Net proceeds:	RUB 7.39 billion
Maturity:	Sept. 17, 2031
Cut-off price:	97.5
Yield at cut-off price:	8.99%
Weighted average price:	97.6846
Yield at weighted average price:	8.97%

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