Russia to sell up to USD7bn through five-part deal
LONDON, Sept 9 (IFR) - The Russian Federation will raise up to USD7bn equivalent through its sale of US dollar- and euro-denominated bonds, according to market sources.
Combined order books for the deal, which is made up of five tranches with tenors ranging from five to thirty years, have reached USD11bn equivalent, with demand skewed towards the US dollar portion.
Price guidance on the offering remains unchanged, with three US dollar tranches marketed at 212.5bp area over US Treasuries for a long five-year tenor, and 237.5bp area for both a 10-year and a 30-year tenor.
The euro portion includes a seven-year tranche marketed at 185bp area over mid-swaps and a 12-year tranche at 195bp area over mid-swaps.
The sovereign has capped the size of its two euro-denominated tranches, for which books are expected to go subject at 14:00 GMT, at a combined EUR1.5bn.
Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, RBS and VTB Capital are joint bookrunners on the 144A/Reg S offering, which is expected to price on Monday. (Reporting by Davide Scigliuzzo; Editing by Anil Mayre)
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