As Russia enters its fifth year under sanctions and the deal pipeline in the region continues to be squeezed, south of the border some CIS and Central Asian states are undergoing remarkable transformation. But sanctions against Russia will not necessarily free up credit for potential issuers in the former Soviet states, all of which makes for an increasingly uncertain debt capital market for the…
5 Mar 2019
Abid Mamedov, CEO of AzFinance Investment Company CJSC, talks about the rising appetite for Azerbaijani paper, exposure to Russian risk, and expectations for the local currency bond market in 2019.
28 Feb 2019
With geopolitics becoming increasingly defined by nationalism – both economic and political – sanctions have become a common means of exerting soft power in the international arena. Yet the extent to which the threat of punitive economic measures may impact investors remains unclear.
2 Jan 2019
Since its establishment in 1960, OPEC has seen its proportion of global oil production gradually decline. With the formation of OPEC+ in 2016, which saw OPEC agree to cut production alongside a number of other producers, and Qatar’s recent exit from the bloc, questions have been raised about the cartel’s waning influence – leading some to seriously consider what a world without OPEC would look…
21 Dec 2018
Eric de Beauchamp, Senior Vice President at Credit Bank of Moscow, admits fear of additional sanctions – more so than existing measures – is weighing on the minds of investors when it comes to Russia. But shrewd management and strong communications allowed CBOM to avoid the fate of numerous large lenders that fell victim of the Central Bank’s cleanup of the sector in 2017, becoming one of the…
19 Dec 2018
RusHydro issued the first Russian corporate Renminbi denominated Eurobond via a dual-currency dual tranche deal against the backdrop of a fairly subdued Russian debt capital market, following up on a three-year RUB20mn 7.4% issuance last February.
19 Dec 2018
The long-forgotten instrument is back in the market as commodity exporters are stuck between sanctions-related forced “de-dollarisation” of the Russian economy and their internal requirements for hard-currency funding.
14 Dec 2018
A closer look at the major strengths, weaknesses, opportunities and threats influencing the investment and debt capital markets climate in Russia.
23 Oct 2018
The recent perturbations across EM assets, the looming shadow of current and potential new sanctions and subdued growth at home have taken a toll on the Russian financial sector. But prudent fiscal and monetary policies and timely actions to minimize sanctions impact have helped shelter banks operating in Russia and the CIS from serious damage, DCM bankers and corporate chiefs have told Bonds &…
27 Sep 2018
The Russian Central Bank tentatively confirmed that the banking sector is experiencing a dollar liquidity deficit. In an apparent push to de-dollarize the economy, it may for now resist from intervening, hoping to encourage more local currency borrowing. But inaction could pile additional pressure on the rouble in coming months.
15 Aug 2018