An uptick in Russian equity capital markets (ECM) activity this week buoyed bankers and investors, who are hoping a freeze caused by US sanctions is thawing, write Sam Kerr and Aidan Gregory.
Two Russian accelerated bookbuild transactions, where established stocks were sold to investors in overnight block trades, priced this week to receptive investors, becoming the first big Russian ECM deals since April 2018.
A trade in Norilsk Nickel led by Credit Suisse
and VTB Capital
re-opened the Russian ECM market on