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Bond Market News
Russia Raises €1.5 Billion via Two-Trancher
May 21, 2021
Russia raised €1.5bn ($1.83bn) via a dual trancher. It raised:
- €1bn ($1.2bn) via a 15Y bond at a yield of 2.65%, 22.5bp inside initial guidance of 2.875% area
- €500mn ($611mn) tap of its 1.125% 2027s issued last year, priced at 98.5, yielding 1.367%
The notes received orders over €2.1bn ($2.5bn) ~1.4x issue size. 47% of the 2036s were allocated to Russian investors, 22% to Germany and Austria, 14% to Middle East and Asia, 7% to the UK and 6% to France. For the tap of 2027s, Russian investors got 65%, Middle East and Asia 20% and France 11%. The bonds have an expected rating of BBB in line with the issuer rating. Uday Patnaik, head of emerging market debt at Legal & General Investment Management, commented, “In the last couple of weeks the rhetoric has been dialed back and there’s talk of Putin and Biden getting together, so this is a prime time for them to issue.”
Russia’s USD bonds were stable. Its 7.5% 2030s are at 115.3 yielding 1.81% and its 5.625% 2042s at 126.2, yielding 3.8%.
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