22 December 2016
GTLK debut Eurobond placement led by Renaissance Capital named Best Deal of 2016

Transaction wins Best Primary Eurobond Deal at Cbonds Awards

Moscow and London, 22 December 2016 – Renaissance Capital, a leading emerging and frontier markets-focused investment bank, today announced that the Eurobond placement of State Transport Leasing Company (“GTLK”), which was jointly led by Renaissance Capital, won the ‘Best Primary Eurobond Deal in 2016’ at the Cbonds Awards.

Renaissance Capital’s role was as a sole credit ratings adviser and a joint lead manager and bookrunner of the Eurobond placement alongside J.P. Morgan, UBS Investment Bank and VTB Capital.

In May 2016, Moody’s Ratings assigned GTLK a debut foreign currency rating at “Ba2”, one level below the sovereign rating of the Russian Federation. In July 2016, GTLK held an investor roadshow in Geneva, Zurich, London and Moscow. The order book of GTLK’s US$500mn 5.95% benchmark placement was over 5 times oversubscribed, testifying to strong investor support for the company’s credit story.

Dmitry Gladkov, Managing Director, Head of DCM, Renaissance Capital, commented: “The GTLK debut international bond issue stands out among other successful benchmark bond issues of 2016 as one of the rare Russian corporate placements, which attracted overwhelming demand from top quality international investors since the very beginning of the marketing campaign. The 87% share of the new issue, which was placed with institutional investors across Europe, UK and offshore US investors, has been one of the highest among comparable issuances from Russia and EMEA. We appreciate the prestigious Deal of the Year award from CBonds. The award represents an important acknowledgement of the success of GTLK’s debut among the international financial community”.

The awards ceremony was held on 9 December 2016 as part of the ХIV Russian Bond Congress in St. Petersburg. The Cbonds Awards are Russia’s first financial market awards where the winners are chosen by bond market participants. A public vote has taken place annually since 2006.