Call us on
+44 (0) 207 045 0920

Russia & CIS

CASE STUDY: Gazprom Goes Low with €1bn 7-Year Eurobond

Russian oil producer Gazprom managed to price its €1bn 7-year trade through its secondary curve and secure the lowest coupon on any Russian corporate Eurobond placed in either euros or US dollars to date.

16 Dec 2016

Rosneft Quick to Close Books on RUB600bn Bond as Privatization Looms

Books on the deal closed within half an hour, with no prior announcements about the sale, its organizer or pricing, with the company only stating the 10-year note carried a 10.1% coupon. While it is generally seen as a “closed market” issuance by investors, the bond sale dispels some of the uncertainty in the markets regarding the planned privatization of Rosneft.

6 Dec 2016

Urals Traded on SPIMEX as Russia Seeks “Fairer” Price

As Russia finally launches its very own “oil market” – the St. Petersburg International Mercantile Exchange – market observers are still sceptical about its potential to attract traders to rouble-denominated contracts.

1 Dec 2016

As Rosneft Agrees US$16bn Bond Programme, Memories of 2014 Deal Rehashed

The Russian oil giant hopes to tap the local markets with 10-year bonds, with proceeds going towards refinancing old debt and foreign ventures as it continues to ramp up production. But one can’t help get a sense of déjà vu.

25 Nov 2016

Russian Bonds Remain Resilient on Corruption-Related Events

Russia’s Economy Minister has been accused of demanding a US$2mn bribe from Rosneft to facilitate the privatisation of another state oil company, Bashneft, in what is building up to be one of the highest-profile corruption cases in modern Russian history. Despite this, investors are unlikely to be put off Russian assets due to their recent strong performance.

15 Nov 2016

Russian Bank Purge Deemed a Success, But the Sector Remains Overcrowded

Over the last three years Russia’s Central Bank went on a delicensing spree, shutting down hundreds of small and medium-sized banks. Although the sector is now looking healthier, it remains overcrowded, according to experts.

7 Nov 2016

Japan remains on the fence regarding investment in Russia

The Japanese government has been pushing for tighter economic ties with Russia ahead of landmark territorial talks between the two countries’ leaders in December, but although there is interest in Russian assets from Japanese lenders, mixed signals from JBIC are likely to hamper investment opportunities.

3 Nov 2016

Ukraine needs further reform before investors consider opportunities

Investors remain sceptical about Ukraine despite the government’s request that state officials declare all of their assets in a transparency-driven push to implement IMF reforms. In addition, the hold up of numerous reforms is unlikely to drive investors to the country any time soon.

1 Nov 2016

CASE STUDY: Gazprom Neft Gets Ahead of Central Bank Action, Attracts Real Money with Local Bond Sale

As one of the higher quality names in Russia’s domestic market Gazprom Neft managed to attract strong demand for the company’s 30-year local currency notes from large institutional investors in Russia, and achieved the lowest coupon of any Russian corporate over the past 2.5 years.

24 Oct 2016

Threat of sanctions forces Russian Railways to rethink new chief appointment

Russian media report suggests international bond default risk could force the state-owned transportation giant to backtrack over the appointment of Mikhail Fradkov as the new company head.

19 Oct 2016

Want full access to market-leading conferences?