06 February 2017
Renaissance Capital advises on three USD1.5 bn+ Russian corporate bond issuances


Successfully organises Polyus Gold and RUSAL Eurobond placements, Transmashholding local debut rouble bond benchmark

Moscow and London, 6 February 2017 - Renaissance Capital, a leading emerging and frontier markets investment bank, today announces the successful completion of two Eurobond issuances - USD800mn Eurobonds for Polyus Gold International Ltd and a debut 5-year USD600mn Eurobond issue for RUSAL as well as a RUB10bn debut rouble bond issue for CJSC Transmashholding. The Firm acted as a joint lead manager and organiser on all the deals.

Polyus Gold issued six-year USD800mn Eurobonds with an annual coupon rate of 5.25% per annum, with the total order book reaching USD1.7bn at the initial price guidance. It was the largest non-investment grade issuance in Russia since 2013, and the largest international bond issue transaction for Polyus Gold.

Transmashholding placed three-year RUB10bn exchange-traded notes with an annual coupon rate of 9.95%. The total demand for the issue reached RUB40bn making the issue almost 4x oversubscribed.

In addition, the Firm also acted as a joint lead manager of RUSAL's debut five-year USD600mn Eurobond issue, priced at a 5.125% yield and almost twice oversubscribed.

Dmitry Gladkov, Managing Director, Head of DCM, Renaissance Capital, commented: "These latest transactions cap an extremely busy start to the year for Russian corporate debt issuance, and we are pleased Renaissance Capital was able to participate in all of them, proving our team's excellent track record and high level of expertise. We remain positive about the outlook on the global bond market for 2017 and look forward to more domestic and international debt capital market deals to come."