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Russia & CIS

Single Investor Sweeps Up Russia’s RUB58bn OFZ Auction

Analysts are puzzled by what is being described as one of the strangest local bond trades by the Russia MinFin in recent history.

24 Jan 2020

Russia & CIS Bips & Pieces Economics and Markets

CIS Banks Roar Back to Market with Record Low Yields

FI bond’s 40bp tightening from IPTs, a new issuer from the CIS and a USD-denominated perp from a major lender have blown the Russian and CIS bond markets wide open.

23 Jan 2020

RUB to Face Downward Pressure due to Balance of Payments - ING

Tepid balance of payments figures in Russia are contributing to a shrinking current account surplus, which will place downward pressure on the ruble, according to a report from ING.

22 Jan 2020

Uzbekistan Plans Ambitious IPO Schedule

Following the death of President Islam Karimov in 2016, Uzbekistan’s new President, Shavkat Mirziyoyev has set the country on a long but necessary path to reform. The relaxation of foreign exchange markets, release of political prisoners, and the sovereign’s debut Eurobond issuance have all since highlighted reform efforts in one of Asia’s most tightly controlled markets. Now, as the government…

21 Jan 2020

Armenian Economy Went from Strength to Strength in 2019 – RAEX

In affirming its positive outlook and BB- rating for Armenia, the agency praised the fiscal stabilisation and a fall in public debt of one of the smaller economies in the CIS.

20 Jan 2020

Russian Government Overhaul Barely Moves Markets

The Russian leader announces little-known bureaucrat as replacement to Medvedev, who in turn will become the new deputy head of Russia’s Security Council.

16 Jan 2020

Moscow Credit Bank Eyes Stopover in Middle East for Latest Eurobond

Announcement of a Middle Eastern leg of the bond roadshow signals Russian issuers’ commitment to diversify their investor bases.

16 Jan 2020

PhosAgro Picks Seven Bookrunners on Russia’s First Corporate Debt Deal of 2020

The fertilizer giant is roadshowing for a USD-denominated LPN that will go towards refinancing USD150mn Eurobond maturing next year.

14 Jan 2020

Russian Central Bank Eased Pace of De-dollarisation in 2019

While the government’s rhetoric implies commitment to dumping the greenback, latest figures released by the CBR tell a slightly different story.

14 Jan 2020

Uzbek on the Market: SQB Issues First Corporate Eurobond from Central Asian Republic

Known locally as Uzpromstroybank, the state-owned lender priced a record-low FI debut issue out of the CIS, offering investors c. 200bp premium on the sovereign notes.

9 Jan 2020

Russian Agricultural Bank Sets a New Milestone with First Euro Perp Issuance by Russian FI

The state-controlled lender tapped the international markets for EUR150mn, upsizing from the initially planned EUR100mn issuance.

7 Jan 2020

Ukraine on the Mend as Domestic Capital Market Opens Up to International Investors

A preliminary agreement with the IMF on a vital USD5.5bn loan is an auspicious signal that a long-awaited economic recovery in Ukraine may be in the offing. But with the PrivatBank case and a number of other international litigation battles still simmering, bad headlines streaming from the US impeachment proceedings and little progress in establishing peace on the Eastern border, Ukraine still…

6 Jan 2020

CASE STUDY: DTEK Renewables Prints Ukraine’s First Green Bond

The renewable energy firm blazes a trail in its home market with a EUR325mn transaction that draws in strong participation from ESG-focused investors across Europe and the UK.

27 Nov 2019

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