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Russia & CIS

Belarus Looks East for Financing Over the Coming Year

Belarus has come a long way since its debut Eurobond issuance in 2010. As the government seeks to stabilise the economy and spur on foreign investment, there are many avenues through which Belarus can access financing. Speaking at a press briefing in London, Minister of Finance Maxim Yermalovich shares important insights into the country’s ongoing diversification efforts, capital raising…

5 Jul 2019

CASE STUDY: Russian Railways’ EUR500mn Issue is Russia’s First Green Eurobond

In May, Russian Railway’s issued the country’s first benchmark size Green Bond raising EUR500mn in 8-year notes. Capitalising on a warmer funding environment, as well as the company’s strong capital markets track-record, the transaction also marked the lowest-ever yield on a Russian issuance - generating an order book that was over 3.5x oversubscribed.

25 Jun 2019

CASE STUDY: Uzbekistan’s Dual-Tranche Debut Eurobond Marks Milestone in Global Integration

Under the leadership of its new Prime Minister, Shavkat Mirziyoyev, Uzbekistan has moved further down the long path towards global integration. With its debut USD1bn Eurobond issuance in February this year, Uzbekistan is seeking to establish itself as a regular participant in global financial markets in the years to come.

18 Apr 2019

Ukraine Elections: Can Zelensky Lead a Transformation?

It seems that, on March 31, Ukraine once again received a chance to accelerate its transformation, argues Sergey Aleksashenko, a nonresident senior fellow at Brookings Institute and Russia's ex-deputy finance minister.

5 Apr 2019

Russia Gears Up for Huge Infrastructure Development Push Under Putin’s “May Decrees”

The Russian government is developing a USD400bn roadmap for a massive economic overhaul in a bid to boost living standards and spur activity in key segments of the economy. Attracting that kind of investment is already looking like a mammoth task, particularly given some of the recent political moves clouding the country’s business climate.

12 Mar 2019

CIS Issuance Set to Outsize Russia as Sanctions Continue to Pinch

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

AzFinance: We Anticipate Azeri Local Issuance to Reach AZN100mn by the End of 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

How Does the Threat of Sanctions Influence EM Investors?

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

The Waning Influence of OPEC

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

Credit Bank of Moscow VP on Corporate Lending, Sanctions and De-Dollarisation

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

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