RZD’s CHF 500 Million Dual-Tranche Offering

October 3, 2019

Cleary Gottlieb represented Russian Railways JSC in a public offering by RZD Capital Plc (RZD) of CHF 350 million aggregate principal amount of 0.898% LPNs due 2025 and CHF 150 million aggregate principal amount of 1.195% LPNs due 2028.

The LPNs are to be listed on the SIX Swiss Exchange. The offering priced on September 26, 2019, signed on September 30, 2019, and closed on October 3, 2019.

Reportedly, both tranches set a record for the lowest coupons ever among Eurobonds (whether denominated in CHF or other currencies) issued by corporate issuers from Russia and CIS.