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Deals of the Year 2012: Brunswick Rail

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.

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