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Russia & CIS

SOCAR Finance GM Pursues Trade Finance Alternatives Following STAR Refinery Launch

SOCAR, Azerbaijan’s state oil and gas company, currently bears the mantle of the largest foreign direct investor in Turkey. The opening of SOCAR’s USD6.3bn STAR Refinery in October 2018 marked one of many major projects in the country. Bonds & Loans spoke with Elchin Ibadov, Finance and IT Deputy General Manager, about SOCAR’s bid to create a centralised treasury function, fostering operational…

24 Oct 2019

Moscow’s Embrace of the Paris Accord Brings Thaw to ESG Market in Russia

The ESG industry has all too often gotten the cold shoulder from Russia – a country that, seemingly, should be one of the least concerned about average temperatures rising. Will Vladimir Putin’s warming to the idea lead to a slew of green bond transactions?

17 Oct 2019

As Russia’s Project Finance Factory Opens, Will Investment Follow?

While the recent advancement of PPP and project finance legislation and frameworks appears to be bearing some fruit – a few projects have been launched under the National Projects programme this year – attracting private capital remains a challenge, according to a number of local and international bankers, rating agencies’ representatives and corporate chiefs who spoke with Bonds & Loans on the…

2 Oct 2019

CASE STUDY: Russia’s Severstal Hits Record Lows with 3.15% Coupon on New Eurobond

The latest Russian steelmaker to hit the Eurobond markets this year secured the best pricing of the lot with a 3.15% coupon for its 5-year notes – the lowest for any Russian private sector corporate ever.

20 Sep 2019

CASE STUDY: MMK Makes Eurobond Return with Lowest CIS Corporate Coupon in 18 Months

Returning to the international market after a 16-year hiatus, the Russian steelmaker issued a USD500mn benchmark dollar Eurobond at just 4.375% coupon – the lowest for any of the region’s corporates in 1.5 years.

13 Sep 2019

Eurotorg’s Strategy, Investment Chief on Funding Diversification

After issuing Belarus’ debut corporate Eurobond in 2017, Eurotorg tapped the Russian market for the first time in July with its RUB5n issuance. Bonds & Loans speaks with Andrei Matsiavin, the company’s Chief Strategy and Investment Officer about Eurotorg’s strategic focus areas, issuing in the Russian market, and its future funding plans.

22 Aug 2019

CASE STUDY: UK and US Investors Snap Up Russia’s USD2.5bn Eurobond Ahead of Sanctions

Russia raised USD2.5bn in a dollar-denominated Eurobond sale in June, with USD1.5bn notes maturing in 2029 at a yield of 3.95%, and another USD1bn in notes maturing in 2035 at a yield of 4.3% - despite the ever-impending threat of sanctions.

14 Aug 2019

CASE STUDY: Eurotorg Issues Enters Russian Market with Belarus’ First RUB Bond

After becoming the first Belarusian corporate to enter the Eurobond market two years ago, Eurotorg is now breaking new ground with its RUB5bn Russian issuance. Receiving healthy demand from investors – both domestically and internationally – the issuance is indicative of a flexible and increasingly diverse financing strategy.

8 Aug 2019

Ukraine’s PrivatBank: Bailin’ on the Bail-In?

A recent court ruling to reverse the National Bank of Ukraine’s decision to nationalise ailing lender PrivatBank sent the country’s banking system into disarray and even raised doubts over the country’s EU ascension prospects. The case, which some see as one of the first test-drives for the post-crisis era EU Bank Recovery and Resolution Directives, is significant not just for the country’s…

12 Jul 2019

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