Russian Railways to sell bonds

Russian Railways plans enter the stock market selling ruble-denominated bearer bonds worth RUR12bn (about USD413m), the press department of the company reported. Web-invest Bank and JPMorgan Bank will be the managers of the issue. The company will issue 3 series of 4m bonds. The public offering price will be equal to par value of bonds, namely RUR1,000 (about USD34.48). The maturity of bonds series 1 will total 1 year. Series 2 bonds will float on the market for 3 years. Series 3 bonds are supposed to be 5-year securities.

The Standard and Poor's rating agency assigned BB+ long-term foreign and local currency rating and AA+ national scale rating to Russian Railways. The Moody's rating agency assigned Baa3 unsecured foreign currency debt rating to the Russian company, outlook is positive.

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