Investors scrape for solutions to Rusal conundrum

Some EM fund managers and fixed income analysts are already in discussions over whether investors stuck holding Rusal bonds may be able, with the issuer’s help, to create a workaround that would allow the company to stay current on its debt obligations.

  • By Francesca Young, Nell Mackenzie
  • 16 Apr 2018


One idea that fund managers and analysts are discussing is that Rusal could move the bond obligation to a third party, most likely a special purpose vehicle, and that this third party, which is not sanctioned, could continue to pay investors a coupon and redeem the bonds.

“Investors ...

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Bookrunners of International Emerging Market DCM

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1 JPMorgan 3,580.70 11 10.49%
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3 HSBC 3,448.17 16 10.10%
4 BNP Paribas 2,961.10 5 8.68%
5 Barclays 2,042.22 4 5.98%

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4 Scotiabank 413.44 1 12.81%
4 JPMorgan 413.44 1 12.81%

Bookrunners of CEEMEA International Bonds

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4 HSBC 1,890.25 4 11.54%
5 Saudi National Commercial Bank 1,604.15 2 9.80%

EMEA M&A Revenue

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1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

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2 ING 3,270.62 26 8.11%
3 Credit Agricole CIB 2,586.69 11 6.42%
4 SG Corporate & Investment Banking 2,315.39 17 5.74%
5 MUFG 2,167.80 12 5.38%

Bookrunners of India DCM

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1 Standard Chartered Bank 413.47 3 15.63%
1 Citi 413.47 3 15.63%
4 DBS 263.05 2 9.94%
5 Barclays 233.66 2 8.83%