Russia sanctions

  • Still hope for Russia ECM as EN+ given brief reprieve

    Hopes rose this week of a revival for Russia’s equity capital markets when the US Treasury extended a key sanctions licence until October, allowing aluminium conglomerate EN+ to continue with a plan that would remove sanctions on the company.

    • 02 Aug 2018
  • UK market integrity trumps Russian capital, says MP

    Despite worries that Russian investors are pulling away from London as the UK looks to pressure allies of the country's president Vladimir Putin, Tom Tugendhat, the chairman of the House of Commons Foreign Affairs Committee, this week told GlobalCapital that preserving the rule of law in the UK and making sure markets are “clean and honest” is more important than attracting Russian capital to London.

    • 18 Jun 2018
  • Stopping trades can make sanctions work better

    Euroclear’s refusal to continue settling Rusal trades when US sanctions were slapped on the company on April 6 may have saved many US bond investors from crystallising crippling losses. If the US plans further rounds of similar punishments, it should turn that happy accident into a permanent feature of the sanctions process.

    • 08 May 2018
  • Russian investors see light as Deripaska bends

    The gloom over Russian capital markets was lifted a little this week as the US Treasury softened its stance towards sanctioned aluminium behemoth Rusal, giving hope to markets that the announcement of new sanctions against Russia at the beginning of April may not have been a knockout blow, write Sam Kerr, Francesca Young and Mike Turner.

    • 03 May 2018
  • OFAC extends licence as EN+ fights to keep London GDRs listed

    The US Treasury, through the Office of Foreign Assets Control, has issued a new licence to US holders of debt or equity in EN+, Rusal and Gaz Group. It gives US persons until June 6 to divest their holdings in these companies, instead of the original deadline of May 7.

    • 02 May 2018
  • Deripaska dumping shares is the best outcome for everyone

    News last Friday from the London Stock Exchange (LSE) that Oleg Deripaska is set to give up his control of Rusal by removing his majority stake in EN+ (Rusal’s parent) is the best possible outcome at this point for the US, for Russia, and for investors.

    • 01 May 2018
  • Sausage sliced: sanctions stall Cherkizovo IPO

    Cherkizovo, the Russian meat and sausage producer seeking to list on the Moscow Exchange, has failed to get its re-IPO away, citing market volatility for postponing the deal.

    • 26 Apr 2018
  • Polymetal emerges from Russian sanctions rubble with loan switch

    Mining company Polymetal has converted an existing $80m bilateral credit facility with ING into a sustainability-linked loan. It is the first loan market activity from Russia since the US announced a fresh round of sanctions against some of the country’s oligarchs.

    • 25 Apr 2018
  • Green shoots of hope appear in Russian bond investing

    With the shock of the latest round of Russian sanctions receding a little, EM investors are already seeking out the opportunities that last week’s volatility created. Even one holder of the sanctioned and problematic Rusal debt said he has increased his exposure to Sberbank.

    • 19 Apr 2018
  • Lukoil dodges sanction noise to sign loan

    Lukoil has raised a $600m 10 year export credit agency-backed loan via its Uzbekistan subsidiary, as bankers say the loan market remains open for some Russian borrowers.

    • 19 Apr 2018
  • CEEMEA bonds resume but Russia concerns lurk

    The CEEMEA bond market has proved resilient to the asset price crippling effects of the latest US sanctions against Russia with little evidence contagion. A steady stream of new issues this week confirmed that it is business as usual in the bond markets.

    • 18 Apr 2018
  • Russia sanctions boost KMG deal

    Kazmunaygas’ (KMG) $3.25bn bond on Tuesday proved to be a beneficiary of the latest round of US sanctions against Russia sanctions, as investors sought a new oil play away from the volatility surrounding assets from the proscribed state.

    • 18 Apr 2018
  • Market right to fear more Russia sanctions despite delay

    The Trump administration’s decision not to announce new sanctions against Russia on Monday is unlikely to be the end of the sanctions saga, with designations having been proven to be the US's most effective weapon against Russia.

    • 17 Apr 2018
  • Rusal target for sanctions should give hope to EM investors

    The US Treasury’s targeting of Rusal in its latest round of sanctions was far from the random hit that investors are claiming. The US has demonstrated its power over the dollar-based financial system — and it has no need to do further damage.

    • 17 Apr 2018
  • No CEE contagion from Russia as KMG guides

    Kazakhstan’s national oil company Kazmunaygas, rated Baa3/BB-/BBB-, has released initial price guidance for its dollar senior unsecured triple tranche 2025, 2030 and 2048 issue.

    • 17 Apr 2018
  • Sanctions freeze Russian IPO as US says more is coming

    The IPO of IBS IT, a Russian technology company, was postponed on Friday due to “increased market volatility” driven primarily by US-led sanctions against Russia. According to Nikki Haley, US ambassador to the UN, more might be coming.

    • 16 Apr 2018
  • Severe response from intermediaries to new sanctions

    With little clarity on the full scope of the new round of sanctions on Russia from the US Office of Foreign Assets Control’s (OFAC), service providers have been quick to cut ties with the seven sanctioned oligarchs and their related entities for risk of violating new rules on facilitating business with designated individuals or entities.

    • 12 Apr 2018
  • Line between Russian business and Putin has been erased

    In the past, some investors were able to draw a line dividing the Russian businesses in which they parked their cash from Vladimir Putin’s government, despite what some have called a “feudal” hierarchy in the country. Last week’s US sanctions obliterated that line.

    • 12 Apr 2018
  • Russian capital markets bloodied by fresh sanctions

    The decision by the US Treasury last week to designate a number of Russian oligarchs and companies as sanctioned entities, in an effort to curb the country’s “worldwide malign activity”, has transformed investor sentiment and led to buyers fleeing Russia across debt and equities, write Sam Kerr and Francesca Young.

    • 12 Apr 2018
  • New sanctions rock Russian loan market

    Loans bankers are struggling to digest the implications of the new round of US sanctions on Russian oligarchs and companies, announced by the Treasury on April 6.

    • 12 Apr 2018
  • DCM bankers predict Russia bond blackout over sanctions fears

    DCM bankers have seen an evaporation of their Russian bond business this week reminiscent of 2014 when US and EU financial sanctions were first put in place against the country. Fears of further sanctions have meant that the whole Russian bond market is under scrutiny, and pressure.

    • 12 Apr 2018
  • Russian CDS liquidity holds strong

    Risky assets are often beholden to perceptions of geopolitical risk, though in recent times that has been a minor factor in price movements. Perhaps this dynamic is about to change.

    • 12 Apr 2018
  • Everything Moscow! But forced selling of Rusal bonds hits blockade

    Rusal bondholders are in a pickle. They have been told by the US Treasury that they have 60 days to dump the sanctioned Russian company’s bonds, but trading has halted, leaving them stuck with the debt. Investors are lost as to how to value the bonds in their portfolios and are scrambling to work out how they can legally continue to hold and mark them.

    • 12 Apr 2018
  • Russia sanctions add to nerves about RBI AT1s

    The price for Raiffeisen Bank International (RBI) additional tier one (AT1) bonds has tumbled this week, as investors fret over over incoming US sanctions against Russia.

    • 11 Apr 2018
  • Panic selling hits Russia complex, future of Rusal bonds unknown

    Panic selling has hit the Russia bond complex with investors dumping securities as they race to reduce their exposure to the country for fear of further sanctions.

    • 11 Apr 2018
  • Investors 'crushed' as Russia rout deepens and spreads

    The sell-off in Russian bonds is battering emerging markets investors, who are seeing the biggest spread widening since sanctions were first imposed on the country in 2014. Not only have the bonds of freshly sanctioned Rusal tanked but other Russian companies are selling off as investors fear they may be next, and the rot is starting to spread to the wider central and eastern Europe region as well.

    • 10 Apr 2018
  • Equity investors reel as US Treasury 'nukes' Deripaska

    Equity investor sentiment on Russia has been upended in the space of a weekend after the shock release from the US Treasury on Friday imposing a fresh set of sanctions on Russia which has torpedoed the fortunes of aluminium producer EN+ and its owner Oleg Deripaska.

    • 09 Apr 2018

Comment

  • Rusal target for sanctions should give hope to EM investors

    The US Treasury’s targeting of Rusal in its latest round of sanctions was far from the random hit that investors are claiming. The US has demonstrated its power over the dollar-based financial system — and it has no need to do further damage.

    • 17 Apr 2018
  • Market right to fear more Russia sanctions despite delay

    The Trump administration’s decision not to announce new sanctions against Russia on Monday is unlikely to be the end of the sanctions saga, with designations having been proven to be the US's most effective weapon against Russia.

    • 17 Apr 2018
  • Russian CDS liquidity holds strong as sanctions hit credit

    Risky assets are often beholden to perceptions of geopolitical risk, though in recent times that has been a minor factor in price movements. Perhaps this dynamic is about to change.

    • 12 Apr 2018
  • Line between Russian business and Putin has been erased

    In the past, some investors were able to draw a line dividing the Russian businesses in which they parked their cash from Vladimir Putin’s government, despite what some have called a “feudal” hierarchy in the country. Last week’s US sanctions obliterated that line.

    • 12 Apr 2018

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 346,320.74 1352 8.06%
2 JPMorgan 343,378.18 1476 8.00%
3 Bank of America Merrill Lynch 309,015.90 1077 7.20%
4 Barclays 258,961.92 980 6.03%
5 Goldman Sachs 229,669.56 780 5.35%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 49,417.52 212 6.45%
2 JPMorgan 46,414.84 105 6.06%
3 UniCredit 41,359.69 188 5.40%
4 Credit Agricole CIB 40,926.79 205 5.34%
5 SG Corporate & Investment Banking 40,522.15 156 5.29%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,734.91 64 9.29%
2 Goldman Sachs 13,469.15 66 8.49%
3 Citi 9,971.36 58 6.29%
4 Morgan Stanley 8,572.10 54 5.40%
5 UBS 8,414.70 37 5.30%