Russian State Rail Stations Operator Fails to Redeem Bonds - Bloomberg:
"A company managing Russian train stations, part of state-owned Russian Railways, failed to redeem bonds this week, citing delays in third-party payments.
OAO RZhD-Razvitie Vokzalov, 25 percent owned by a unit of Russian Railways, will repay 176.4 million rubles ($3.7 million) of notes later this month after missing a Nov. 10 deadline, it said an e-mailed statement today. The yield on Russian Railways’ euro-denominated note due in May 2021 increased 20 basis points to a two-month high of 5.28 percent at 4:06 p.m. in Moscow, data compiled by Bloomberg show.
Sanctions against Russia over President Vladimir Putin’s role in Ukraine are making it harder for companies to refinance, with corporate ruble-bond sales dropping 59 percent this year from the same period of 2013. Russian Railways spokesman Grigory Levchenko said by phone that RZhD-Razvitie Vokzalov’s decision “doesn’t, in any way, affect Russian Railways’ conscientious fulfillment” of its own debt obligations."
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