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Russia & CIS

Despite ratings upgrades, Russian corporate bonds unlikely to move

Russian steel exporting corporates are demonstrating strong fundamentals, which not even EU tariffs are likely to impact. However the debt of these companies, similarly to that of the majority of the Russian corporate space, is already trading relatively tightly, so despite their appealing fundamentals, there are unlikely to be any major shifts in Russian corporate fixed income.

5 Aug 2016

Russia eyeing up second Eurobond as corporates hit the market

The Russian Finance Ministry could look to raise additional capital later in the year. Although this could be achieved by the selling of forex reserves, a second Eurobond issuance this year has not been ruled out.

26 Jul 2016

Top Dealmaker: Cécile Camilli, Societe Generale CIB

Cécile Camilli is Head of CEEMEA DCM at Societe Generale Corporate & Investment Banking. She has more than 15 years of experience in emerging market debt. Since 2013, and is responsible for DCM origination in CEEMEA, advising Corporates, Financial Institutions and Sovereigns of the region. Cecile and her team have been winning numerous landmark mandates from issuers in Russia, Eastern Europe,…

22 Jul 2016

Gazprom Neft Looks at Various Options to Raise Debt

Olga Kirichenko heads Gazprom Neft’s debt team and is responsible for managing the group’s entire debt portfolio, currently amounting to almost $11bn. Her team also provides support to, and supervises the debt portfolio management of joint ventures. The scope of Olga’s responsibilities covers the full range of corporate debt- financing instruments with maturities exceeding one year, including all…

24 Jun 2016

Russian corporates tuck into reserves

Russian corporates face large upcoming debt maturity repayments over the coming years, with the markets seeing a sharp rise in corporate debt buybacks. However, as many Russian entities have acquired large dollar reserves from previous issuances, many Russian bond buybacks are likely to be funded by reserves.

16 Jun 2016

Russian corporates pick market return carefully

Russian corporates are returning to the international markets, but not as a result of the sovereign’s successful Eurobond in May. Although some such as NLMK will take advantage of cheaper foreign borrowing rates, due to effectively being blocked from the markets by Western sanctions, in general Russian corporates have strong credit positions and do not need significant dollar funding.

7 Jun 2016

Russia’s sovereign bond divides hearts and minds

Russia last issued a sovereign bond in 2013. With a new Eurobond issuance looming, many investors are split over whether to buy the bonds on concerns over sanctions. Regardless of their actions, it is likely that the bond will meet large demand from Russian entities.

24 May 2016

Rouble, Peso differ on oil despite commodity rally

The performance of the Mexican peso has differed from that of Russia’s rouble, despite both being tied to oil prices. External factors not applicable to Russia have weighed on Mexico’s currency, but despite the weaker peso, the country still has strong underlying fundamentals.

18 May 2016

Is Russia’s frosty relationship with international markets a boon for its debt?

With Russia’s Alfa bank looking to access the debt capital markets in the near future, and given a recent lack of Russian activity on the international markets, there is a possibility that Russian debt could prove to be as popular as Argentina’s recent bond debut – according to Russia’s Deputy Finance Minister. But is that really the case?

5 May 2016

Kazakhstan downgrade has little effect

Kazakhstan has received another rating downgrade due to an economy weakened by low oil prices. Although the country’s currency has performed poorly as of late, worrying entities with dollar denominated loans, its markets have recently been buoyed a revival in oil markets.

4 May 2016

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