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Russian Railways placing $1 billion Eurobond at 5.7 percent

MOSCOW (Reuters) - Russian state-owned transport monopoly Russian Railways, or RZhD, is placing a $1 billion, 10-year dollar-denominated Eurobond at a yield of 5.7 percent, down from initial guidance of 5.875 percent, a financial market source said on Thursday.

The placement yield was tightened again by 5 basis points on strong demand in the wake of Russia's $7 billion, three-tranche sovereign Eurobond offering this week - the largest by an emerging-markets sovereign since at least 2000.

"Demand is exceeding $3 billion," a source said earlier. The company will finalise pricing later on Thursday.

This benchmark deal, volume of which has not yet been disclosed, follows a 25 billion rouble ($851 million) Eurobond issued by RZhD last week with an 8.30 percent yield.

On Wednesday, Russia's sovereign offering attracted demand near $25 billion, providing a new benchmark and five-, 10- and 30-year maturities for Russian private and quasi-sovereign corporates to tap the market.

Russian Railways' plan for this year envisages 100 billion roubles in borrowing, of which 70 billion is to be raised on the domestic market.

($1 = 29.3845 roubles)

(Reporting by Oksana Kobzeva, Writing by Lidia Kelly and Maria Kiselyova)

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