Russian corporate issuers wait for stability
The new issue market for emerging borrowers remains desolate as Russia’s Ba2/BB rated Severstal and Dubai’s Ba3/BB- rated Tamweel continue to wait for a decent window in which to price dollar deals. Bankers were pleasantly surprised by the recovery in the equity markets this morning but are hoping for “a couple of days of stability” before the summer in order to print a deal. Meanwhile, Transneft is planning a new $1bn-$2bn issue as soon as this month, according to reports.
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