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Rail Firm Plans Eurobond

State-run Russian Railways plans to issue a two-tranche eurobond worth at least 500 million Swiss francs ($539 million), IFR said Tuesday.

IFR, a Thomson Reuters news and market analysis service, said Russian Railways opened books for five-year and eight-year tranches.

Russian Railways said in December that it planned to borrow 203 billion roubles ($6.7 billion) in 2013.

Russian borrowers raised a total of about $53 billion via eurobond issues last year and have been opening books this year to profit from positive risk sentiment toward emerging markets.

A banking source said Tuesday that Russian Agricultural Bank, also known as RSHB, opened books for a five-year ruble-denominated eurobond issue of a benchmark size — or at least $500 million for the names of its size.

(Reuters)

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