Russia
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A 5.75m American Depositary Receipt (ADR) trade in HeadHunter Group, a company which produces software for recruiters, has become the latest in a string of Russia equity placings. -
Otkritie Bank, the Russian financial services company, sold a 3% stake in gold and silver miner Polymetal on Tuesday night, the third trade in the firm in three months, as investors flock to take advantage of rising gold prices.
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Investors welcomed a 12.5m block sale in Polymetal, the Russian miner of gold and other precious metals, on Tuesday night and poured into the trade following a risk auction.
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Yandex, the Russian internet company, has raised $800m through a sale of new shares to US investors and a private placement to a consortium of Russian oligarchs and VTB Bank.
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A Rb11bn ($157m) block trade in Detsky Mir, the Russian children’s retailer, won a big investor reception on Tuesday night. There are now hopes that there will be more Russian transactions in the weeks and months ahead.
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Despite a staggering drop in emerging market syndicated lending during the coronavirus pandemic, Russian borrowers are not letting wider margins put them off. With a number of deals in the pipeline, the market is uncharacteristically raring to go.
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Veon, the emerging markets telecommunications firm, has mandated for a rouble bond issue, six months since its last trade, a hard currency offering.
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Uralkali, the Russian potash fertiliser producer, signed a $665m pre-export facility (PXF) with a consortium of international banks, as lenders say that Russian borrowers seeking funding are finding pricing remains the main point of contention with lenders.
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Russian borrowers are still seeking funds from international lenders, with a handful of companies in the market. However, dynamics have changed amid the spread of the coronavirus and borrowers must offer higher margins to fewer lenders.
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Credit Bank of Moscow, one of the few Russian banks to frequently tap the international syndicated lending market, has raised a loan from a consortium of international banks. The deal comes amid an increasing number of Covid-19 infections being reported in Russia, which is now one of the emerging markets with the fastest-accelerating growth of cases.
