Russia to hold ruble Eurobond road-show
The Russian Finance Ministry and lead managers of Russia`s ruble-denominated Eurobond issue, JPMorgan, Deutsche Bank, HSBC, Renaissance Capital and VTB Capital, will hold the bonds` road-show in New York and London on Tuesday and Wednesday, Vedomosti business daily quoted a banking source close to lead managers as saying on Tuesday.

The Russian Finance Ministry and lead managers of Russia`s ruble-denominated Eurobond issue, JPMorgan, Deutsche Bank, HSBC, Renaissance Capital and VTB Capital, will hold the bonds` road-show in New York and London on Tuesday and Wednesday, Vedomosti business daily quoted a banking source close to lead managers as saying on Tuesday.
The source was quoted as saying that the issue volume would amount to 60-90 billion rubles, while the bonds would carry a maturity of no less than five years.
A source familiar with the matter earlier told RIA Novosti that the issue volume would amount to 80-100 billion rubles with a maturity of 3-10 years.
Deputy Finance Minister Dmitry Pankin has said that the ministry intends to place ruble-denominated Eurobonds with yields matching current rates for the ministry`s OFZ domestic federal loan bonds. On Monday, OFZ bonds with maturity in 2015 traded at 7.3% per annum, while yields on OFZ bonds with different repayment periods ranged from 3.54% to 8.87%.
In April, Russia placed two tranches of sovereign Eurobonds after a more than ten-year pause. In particular, Russia placed $2 billion five-year bonds and $3.5 billion 10-year bonds. On Monday, the five-year bond yield amounted to 3.548%.
Russia`s Alfa-Bank analyst Stanislav Bozhenko was quoted by Vedomosti business daily as saying that Russia`s ruble Eurobonds would fetch good demand as Russia`s sovereign rating was expected to be raised while European investors showed interest in ruble instruments. He also added that the bond issue price guidance could stand at 7%.