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Russia & CIS

CASE STUDY: Credit Bank of Moscow Raises AT1 Capital With Perpetual Bond

The third-largest privately-owned bank in Russia and 9th largest by total assets tapped the international debt markets to successfully boost its capital reserves and stay in line with the Basel III regulatory demands.

12 Jul 2017

EuroChem Group CFO on Finding the Right Window to Optimise Cost of Debt

Russian fertilizer company EuroChem Group, which recently issued a very successful 4-year Eurobond, has aggressively expanded its operations in recent years, breaking into seven different markets on three continents. Bonds & Loans speaks with Group CFO Andrey Ilyin about the company’s funding strategy, investor diversification, and managing a tricky combination of high capex and declining output…

6 Jul 2017

Transneft vs Sberbank Ruling Threatens to Derail Russia’s Derivatives Market

The court’s decision to award the oil pipeline monopoly RUB67bn in compensation for an options trade originating in 2014 could take a trillion-rouble toll on the country’s secondary markets.

4 Jul 2017

What Other CFOs Can Learn from SimpleFinance’s Eurobond Debut

Your first time is always the most challenging, but Russia’s SimpleFinance seemed to pull off its debut Eurobond transaction – a US$30mn 3-year trade – without a hitch. Bonds & Loans speaks with Campbell Bethwaite, Managing Partner of Finteca, SimpleFinance’s parent company, about the strategy behind the transaction and the outlook for other Russian corporates looking to raise debt this year.

3 Jul 2017

Russia, CIS & Europe Credit Markets Brief: June 6 - June 20

Russia shelves panda bond plans, wants to tap Eurobond market – Norilsk Nickel issues US$500mn Eurobond – Polymetal extends US$400mn bond maturity with Sberbank for 7 years – Peresvet Bank prepares partial bail-in – Sberbank intends to develop Islamic finance instruments – 5x oversubscription seen on RusHydro’s 3-year RUB10bn bond – Mechel discloses list of Western creditors – Tinkoff launches…

20 Jun 2017

CASE STUDY: Tinkoff Bank Bursts Into the Dollar Market with US$300mn Perp Eurobond

Tinkoff Bank, one of Russia’s most progressive and innovative FIs, made its way back to the international capital markets after a five-year absence with an impressive US$300mn 9.25% issuance, marking the third perpetual Eurobond in the Russian banking sector to date.

15 Jun 2017

Does the Fate of Kazakhstan’s Financial System Rest on a Merger?

As the two biggest lenders in Kazakhstan prepare to merge, creating the largest bank in Central Asia, analysts question whether it will be enough to stabilize the country’s troubled financial system.

12 Jun 2017

Russian Central Bank Shift Away from Transparency Irks Investors

While the move could raise some suspicions about the real health of Russia’s banking sector, the relative stability of Russia’s top tier lenders keeps investors at ease – for now.

18 May 2017

CASE STUDY: Norilsk Nickel Digs Up US$1bn in Loan Participation Notes

Leading miner Norilsk Nickel spotted a window of relative calm in global markets to sell US$1bn in 6-year senior loan participation notes, enabling the company to extend its maturity profile and capture strong investment appetite from eastern lenders.

12 Apr 2017

VIDEO: Interview with Jean-Marc Mercier, Global Head of Debt Capital Markets, HSBC

Bonds & Loans interviewed Jean-Marc Mercier, Global Head of Debt Capital Markets at HSBC to discuss how effective Russia's banking sector consolidation has been and how well the international banks have adapted to the new conditions?

10 Apr 2017

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