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Russia & CIS

CASE STUDY: RusHydro Prints Debut CHY1.5bn Dim Sum Tranche in a Tough Market

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

Russian Exporters Revive Prepayment Financing Schemes as New Sanctions Loom

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

Russia SWOT Analysis: Sanctions, De-dollarisation, and Prepayment Finance

A closer look at the major strengths, weaknesses, opportunities and threats influencing the investment and debt capital markets climate in Russia.

23 Oct 2018

Off the Record: Banks in Russia – Shaken, not Stirred

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

Russia Seeks to Mobilize Internal Reserves Amid Dollar Liquidity Shortage

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

EM Bond Outlook: Better 2H 2018 Expected

It has been a tough start to the year for emerging market bonds, but things are looking up as we head into 2H 2018 – you just need to know where to look.

12 Jul 2018

Interview: MTS Blockchain Bond Could Lead to “Faster, Transparent and More Secure Transactions”

The Russian telecoms giant became a trailblazer in issuing distributed ledger fixed-income instruments this spring with the private placement of a RUB750mn commercial bond using blockchain-embedded smart contracts. Alexander Smirnov, Head of Corporate Finance and Treasury, Mobile TeleSystems PJSC, explains how the company worked with Russia’s National Settlement Depositary and Sberbank to achieve…

27 Jun 2018

Sanctions Unsanctioned: Russia Becomes EM’s Riskiest Safe Haven

By late 2017, to the surprise of naysayers, the Russian economy appeared to have successfully navigated a challenging sanctions-riddled period and by Q1 2018 was looking to be one of the better EM stories on the market. But the latest escalation in tensions with Washington, along with broader EM outflows, have seen the country’s issuance pipeline dry up even as economic fundamentals remain…

13 Jun 2018

CASE STUDY: Belarus Eurobond Prices Inside Better Credits, Opens CIS to Global Markets

Following up on its recent “double bill” international bond, the former Soviet republic hit the market again at a tough time, but the notes proved popular with international investors and saw some of the highest oversubscription levels in the sovereign space over the past year.

29 May 2018

A Disturbance in the Force: Institutional Frameworks and Vigilantism

The common denominator linking the US Trade War with China, sanctions against Russia and the attacks on Syria was that there were no attempts made to find solutions to these conflicts within multilateral institutions, such as the UN and the World Trade Organisation (WTO). The word used to describe the act of seeking justice outside the formal framework of the law is vigilantism. Vigilantism leads…

4 May 2018

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