Russia & CIS
Appetite frozen for Russian sovereign bonds over legal complications
The Russian state is looking to the international debt markets to raise funds. Any sovereign debt could attract large investor demand, but a lack of fiscal transparency in the country has fuelled worries that sanctioned companies may be the real beneficiaries of any debt raised.
18 Feb 2016
Norilsk Nickel to tap local debt market
Norilsk Nickel is planning to tap the local debt markets this week. With a history of oversubscribed foreign debt issuances this comes as an anomaly, but the company is issuing the debt due more to demand than necessity.
18 Feb 2016
Saudi Arabia, Russia agree oil output freeze as Iran, Iraq enter spotlight
The world’s two largest oil exporters have agreed to a freeze in output as long as other large oil exporters do so as well. The preliminary deal is the first between OPEC and non-OPEC counties in 15 years.
17 Feb 2016
Russia considers selling stakes in state companies
Russia is experiencing large capital outflows as the country’s economy falters under collapsing oil prices. To cover losses from oil revenues, the Kremlin is looking to sell off stakes in certain state assets.
5 Feb 2016
Russian bank VTB could buy back yet more of its Eurobonds
VTB has had a recent trend of buying back its bonds, and recent hints that it could do so again raises questions over how the bank is coping under western sanctions and low commodity prices.
28 Jan 2016
Emerging market borrowing costs hit 5 year high
Investors warned that emerging markets could face a new credit crunch with borrowing costs reaching their highest levels in five years.
26 Jan 2016
Russia’s oil giants diverge in the bond market
With oil now priced at less than US$30 per barrel, its lowest level in decades, one may be forgiven for assuming the bonds of oil-producing companies would be performing similarly poorly. In Russia however, the bonds of two oil giants are diverging.
19 Jan 2016
Is Russia selling its crown jewels?
In this article, Michael Ballauf, Analyst, Credit Research, Raiffeisen Bank International AG discusses how Russia's privatisation plan could benefit the Russian banking sector.
15 Jan 2016
Case Study: A Benchmark For Russian FIs
As the first public offering of benchmark Eurobonds in the primary market among Russian financial institutions, Alfa Bank’s US$500mn bond issuance was a standout in the Russian market after sanctions and a recession forced investors and issuers into narrower windows through which to chase yields and close deals. In this article, we reviewed the deal and spoke with Michael Lawrence, Head of…
15 Jan 2016
Societe Generale sees a future in Russia
Societe Generale has hinted that investors should look to increase their shares in emerging market assets. Emerging markets had a tough 2015, with a bleak growth outlook for this year, just up 0.5% to 4.9% according to Goldman Sachs’ regional GDP forecasts for 2016.
13 Jan 2016