On 22 November 2022, State Company Avtodor placed a bond issue worth RUR 4.6 billion on Moscow Exchange, with BCS Global Markets acting as the Arranger. The first coupon rate target was set at 9.69% per annum but during book building the rate target was lowered thrice, with final coupon set at 9.45% per annum (with the effective yield to put option at 9.67% per annum). High investor demand drove a 2x oversubscription. With a maturity of five years and a put option in two years, the issue has been assigned credit ratings: ‘AА(RU)’ by ACRA and ‘ruAА+’ by Expert RA.
State Company Avtodor (‘AA(RU)’ by ACRA; ‘ruAA+’ by Expert RA) is a non-profit organisation established in 2009 under Federal Law 145-FZ to manage federal public highways, including M-1 ‘Belarus,’ M-3 Ukraine,’ M-4 ‘Don,’ M-11 ‘Neva’ and others. It is also rolling out new projects, such as the M-12 ‘Moscow-Kazan’ highway, which will connect the Moscow, Vladimir, Nizhny Novgorod Regions, the Republic of Chuvashia, and Tatarstan with the network of high-speed roads in European Russia.