OREANDA-NEWS. On July 09, 2008 Russian Railways issued Series 08 three-year non-convertible bonds valued at 20 billion roubles with a coupon rate of 8,5% and a yield to maturity of 8,68% per annum, reported the press-centre of Russian Railways.

The securities were placed at the MICEX Stock Exchange entirely by open subscription following book-building.

Total demand for the Series 08 bonds was 31,195,000,000 roubles. Applications were filed by 56 investors, about 20% of whom were foreign.

Transkreditbank, Troika Dialog, VTB and Gazprombank organised the issue.

The funds raised from the placement will go to restructure Russian Railways’ loan portfolio.

Russian Railways now has 5 outstanding bond issues totaling 49 billion roubles. Four of the five series were issued previously between 2004 and 2006.