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    Russia returns to global capital markets with $5.5 bln Eurobond issue

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    Russia sold Eurobonds worth $5.5 billion for the first time since the country defaulted on its obligations in 1998, banking sources told RIA Novosti on Thursday.

    Russia sold Eurobonds worth $5.5 billion for the first time since the country defaulted on its obligations in 1998, banking sources told RIA Novosti on Thursday.

    The heavily oversubscribed Eurobonds were issued in two tranches: $2 billion with a maturity of five years and $3.5 billion with a maturity of ten years. The order book for the Eurobonds exceeds $25 billion.

    The $2 billion Eurobond tranche offers yields at 125 basis points over similar U.S. Treasuries and the $3.5 billion issue is priced at 135 basis points over Treasuries.

    Russia is returning to world capital markets in the capacity of a sovereign borrower to bridge its budget deficit, which is projected at more than 6% of GDP in 2010.

    MOSCOW, April 22 (RIA Novosti) 

     

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