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| Brunswick Rail | |
| Size | $600 million five-year debut bond issue |
| Bookrunners | Goldman Sachs, Raiffeisen Bank International, UBS, VTB Capital |
| return to the Emerging Europe Deals of the Year index | |
High-grade corporate borrowers also took advantage of strong external conditions to raise substantial chunks of funding at ultra-tight spreads, most notably in the case of Rosneft’s $3 billion dual-tranche market return in late November – but the deal that caught the eye towards the end of the year was October’s more modest $600 million five-year debut from double-B rated issuer Brunswick Rail.
Not only was the transaction one of a relatively small cohort of high-yield Russian bonds to make it to market in 2012, a year in which sub-investment-grade issuance fell to less than a fifth of the total, it was also the first ever from a railcar operating lessor from the country. Still more impressively, for a deal from a new and complex industry, it attracted intense interest from international investors across both the emerging markets and high-yield markets.
In part, the high level of global demand – which enabled Brunswick Rail to tighten pricing by 50 basis points from initial indications to the reoffer yield of 6.5%
