Severstal success shows positives and problems for Russian LM
Severstal bought back $288m across its 2016 and 2017 dollar bonds this week, in an exercise some bankers expect to be the first of a run of Russian asset liability management trades. Low cash prices and leftover Capex cash are prompting the country’s corporates to turn to tenders, but a volatile and uncertain bond market presents problems for such exercises.
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