Best borrowers 2007: Best corporate borrower – Central & Eastern Europe: Gallery Media
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Best borrowers 2007: Best corporate borrower – Central & Eastern Europe: Gallery Media

The Russian advertising group’s issue was a breakthrough diversification for the region’s borrowers from CLNs to high-yield bonds.


Until recently the trend of international bond issuance from Russia has largely fallen into two camps: banks and resource companies from the oil/gas and metals sectors. And most transactions have been plain vanilla. So when Gallery Media, Russia’s second-largest outdoor advertising firm, came to market in June 2006 with a $175 million, 10.125% seven-year high-yield offering via Citigroup it broke the mould in more ways than one.


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