Commentary & Deal Flow

SCF Capital DAC exp BB+/BBB- (S&P/Fitch) US$tbd 144A/Reg S 7y sr unsec notes due 4/26/28. Gtd by PAO Sovcomflot. Citi (B&D) and VTB Capital as Joint Global Coordinators and Joint Bookrunners; Alfa-Bank, ING, J.P. Morgan and SberCIB as Joint Bookrunners, and Societe Generale, SOVKOM, and UniCredit as Co-managers. CoC at 100 if the Russian Federation ceases to maintain 50%+1 share ownership in the Guarantor. List Dublin. English Law. UOP: finance the purchase of 2023 notes pursuant to tender offer, and gcp. Pricing 4/20. Settle 4/26.

IPTs: 4.375% area.

GUIDANCE: 4.125% area.