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Oct 19, 2017

Russian Railways successfully placed Rouble Eurobond

In October 2017, JSC “RZD” successfully placed a RUB-denominated Eurobond in line with the Company’s borrowings policy for 2017. Ahead of the deal the Company conducted the 3-day roadshow in Moscow and London that included both group events and 1-on-1 meetings with key investors. The Notes were issued in RegS only format by RZD Capital P.L.C. (Ireland) as an issuer and have the sole purpose of financing its loan to JSC “RZD”.

Pricing of RUB 15bn 7-year Eurobond transaction took place on 12 October 2017. Strong demand from both international and local investors resulted in the book reaching RUB 40bn. As a result the pricing tightened from IPTs of 7.9-8.0% to the final yield of 7.90% - 35bps inside the Issuer’s most recent Local bond issue of comparable tenor. The issue was priced at a spread of 53 bps to the OFZ curve, 7 bps inside the historic secondary levels. The new issue further extends RZD’s liquid Euro-Rouble secondary curve, firmly established as the market’s premier corporate benchmark

Geographical split of demand for the new issue confirms strong interest for the Company’s debt instruments from international investors: they accounted for 40% of final allocations, with majority from the UK.

With the new issue JSC “RZD” achieved the lowest rouble coupon for the Company’s RUB Eurobonds ever as well as the lowest coupon for any Russian borrower on international debt markets since January 2013. RZD’s fourth rouble-denominated Eurobond placement takes the total amount of the Company’s international RUB debt outstanding to 82.5 billion.

The transaction was lead managed by Barclays, Sberbank CIB and VTB Capital.

***

The securities referred to herein are not registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.

This communication and information contained herein does not constitute an advertisement of any securities, or any other kind of advertisement, or an offer to buy securities or invitation to submit offers to purchase securities, in the Russian Federation.

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