The Russian government introduced sweeping changes to the tax regime in order to support businesses and SMEs, while seeking to secure additional revenue streams elsewhere. But while the country’s ample FX reserves should see it fare better than many EM peers, its banking sector – subject to a massive and prolonged consolidation over the past five years – is also feeling the squeeze.
27 Mar 2020
Central Asian republics have scrambled to raise rates as their currencies plummeted following a double blow from COVID-related market turmoil and a collapse in the oil price.
17 Mar 2020
The issuer “boarded the last train” as EM bonds plummeted on the back of coronavirus-related fears, securing the tightest pricing for any Russian corporate issuing in the swiss franc market.
13 Mar 2020
The share of non-resident investors holding the Russian Treasury’s rouble-bonds (OFZs) has reached 34.1% this month, up from 33.2% at the start of February, according to data published by the Russian Central Bank.
13 Mar 2020
The new 6-year notes, part of RZD’s green bond programme, priced at a stunning 0.84% just as global markets began shutting down due to coronavirus-related shocks.
11 Mar 2020
The issuance came at a significant premium and questions have been raised about the timing, as a 50bp Fed rate cut arrived shortly after the placement.
5 Mar 2020
Demand for government notes grew 1.5x from 2018, but was outpaced by more than 3x increase in supply, according to official state figures.
4 Mar 2020
The International Monetary Fund said this week that it had made good progress in talks with the Ukrainian authorities over the approval for a new loan programme to Ukraine worth USD5.5bn but its disbursement depends on Kiev’s performance on reforms, including a special law on banking.
3 Mar 2020
Russia’s slowness to respond to a fall in demand for oil following the coronavirus outbreak could send oil prices plummeting to as low as USD30 per barrel, according to analysts at Standard Chartered Bank.
2 Mar 2020
Russia’s biggest lender posted a 20% y-o-y jump in profits for 4Q2019, as it prepares for the looming change of the controlling shareholder.
27 Feb 2020