Russia cancels 12-year euro tranche from bond offering
LONDON, Sept 9 (IFR) - The Russian Federation has cancelled a 12-year euro-denominated tranche from its dual-currency bond sale on the back of strong demand for the remaining four portions of the offering, according to one of the lead managers.
Combined order books for the deal, which now comprises a single euro tranche with a seven-year tenor and three dollar tranches with maturities ranging from five to 30 years, have reached USD15bn equivalent.
The sovereign is looking to raise up to USD7bn equivalent through the US dollar- and euro-denominated bonds, according to market sources.
Price guidance for the four tranches remains unchanged.
The three US dollar bonds are 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 maturity. Books on the dollar portion are expected to go subject at 14:45 GMT.
The remaining seven-year euro-denominated bond is being marketed at 185bp area over mid-swaps.
The sovereign had released initial price guidance of 195bp area over mid-swaps for the cancelled 12-year tranche.
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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