Russian Railways to issue securities worth $1.23 billion in November

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MOSCOW, September 13 (RIA Novosti) - State-owned rail monopoly Russian Railways (RZD) plans to issue bonds worth $1.23 billion in November, a senior company official said Tuesday.

Fyodor Andreev, RZD Senior Vice President, told an economic forum in Moscow that unlike last year's single placement at $441 million, the company would probably place its bonds in several series, with maturity dates ranging from two to seven years.

Andreev said natural monopolies should not borrow much, specifying that their debt should not exceed 10% of revenue. Russian Railways expects $25 billion in revenue this year, so company's debt should not exceed $2.5 billion, the official said.

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