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GTLK Placed its Longest Ever Eurobond Issue

Public Joint-Stock Company “State transport leasing company” placed a USD 500 million Eurobond issue due February 2028 on the Irish stock exchange Euronext Dublin. The coupon rate was fixed at 4.80 per cent per annum.

The new issue with the longest tenor generated a strong demand from international investor base. 83 per cent of the issue were allocated to institutional investors from the UK, Switzerland and other Continental Europe, as well as Asia, the US (offshore accounts) and other regions. The share of the Russian investors was 17 per cent. 79 per cent of the offering was bought by asset managers and funds, allocation to banks and private banks amounted to 21 per cent.  

“A successful Eurobond placement on a volatile market is an evidence of investors’ confidence in our Company as one of the most reliable Russian issuers. The orderbook was more than 3 times oversubscribed and the quality of the final book was extraordinary strong.  The proceeds of the issue will be partially used for refinancing of the current USD-denominated indebtedness, the remaining funds will be invested in the Russian transportation industry”, stressed GTLK’s CEO Mikhail Poluboyarinov.

Gazprombank, J.P.Morgan, Renaissance Capital, Sovcombank and VTB Capital acted as the Joint Lead Managers and Bookrunners.

This issue is the second consecutive Eurobond placement in 2020. The previous USD 600 million issue was placed in March 2020 and became the largest ever Eurobond offering in GTLK’s history.
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