Russia

Russian equity capital markets activity has been on fire with $3.5bn of issuance so far this year, up 369.5% from the year before, and market conditions suggest next year could be even better.

Russian conglomerate Sistema and the Russia-China Investment Fund have sold a Rb15.9bn ($249.7m) chunk of stock in Detsky Mir, the Russian toy store, after a fully marketed offering designed to boost the freefloat of the company and diversify the shareholder base.

Russian pulp and paper producer Ilim Group has launched syndication to refinance a $500m loan, according to bankers. The loan is one of the last expected to be signed in Russia's international syndicated market this year.

Credit Bank of Moscow has finished a Rb14.7bn ($231m) primary share sale which will allow it to buy back debt to improve the composition of its regulatory capital.

Home Credit and Finance Bank, the Russian consumer finance bank, priced a rare additional tier one trade from the country this week.

Credit Bank of Moscow is seeking to sell 2.75bn new shares through a fully marketed share sale, to fund a debt buyback to improve the composition of its regulatory capital.

Rusal has signed the first internationally syndicated sustainability-linked loan from Russia. The heavily oversubscribed facility is part of a slowly growing shift towards green financing in Russia, said bankers.

Russia's VTB Bank has signed an agreement with African Export-Import Bank (Afreximbank) to boost trade finance cooperation between the two in Africa. The announcement comes on the heels of the inaugural Russia-Africa summit held this week in Sochi, during which a number of trade deals were said to have been signed.

Emerging markets issuers enjoyed supportive market conditions this week as a variety of deals gave low new issue premiums and attracted healthy order books. But with investors talking about downing tools for the year, it is not clear how much longer helpful conditions will last.

Russian consumer finance bank Home Credit & Finance Bank has hit the road to market a rare AT1 in a deal that could be a test of emerging markets investors’ risk appetite for less vanilla deals.

Norilsk Nickel printed a five year Eurobond on Monday, raising $750m with its lowest ever coupon.

Russian nickel and palladium producer Norilsk Nickel has kept momentum from a roadshow last week to hit the market with a five year benchmark dollar trade as two other issuers prepared investors for their own deals this week.