Commentary & Deal Flow

SUEK Securities DAC exp Ba2/NR/BB, inaugural US$500m 144A/Reg S 5y sr gtd notes due 9/15/26. Alfa Bank, BofA Securities, Bank of China, Citi (B&D), Commerzbank, Gazprombank, Renaissance Capital, SberCIB and VTB Capital as Joint Lead Managers and Joint Bookrunners. Guarantors: JSC SUEK, JSC SUEK Kuzbass, LLC SUEK Khakasia and JSC Tugnuisky Opencast Mine. Issuer is 100% sub of JSC SUEK, a Russian vertically integrated energy company operating in heat and power generation, coal and logistics businesses. FCA/ICMA stabilisation applies. UOP: refinancing of the Group's outstanding indebtedness. Pricing 9/8. Settle 9/15.

IPTs: 3.75-3.875%.

GUIDANCE: 3.50-3.625%.

FINAL PRICE GUIDANCE: 3.375%-3.50%.

LAUNCHED: $500m 5y at 3.375%.