Russia
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Russia will issue renminbi government bonds by early 2020, said Russia deputy finance minister Alexey Moiseev on Thursday at the Moscow Exchange Forum in London. The move is a bid to widen access for Russian corporates eyeing renminbi debt, while diversifying funding sources away from the dollar. -
It has been a busy week so far in CEEMEA bonds this week with three deals sold. Meanwhile, in the loan market, sanctions threaten the pricing on Turkey bank loans.
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Russian potash producer Uralkali hit the market on Tuesday, tightening pricing on a $500m bond issue, the borrower's first international deal since 2013. DCM bankers are confident Russian issuance will continue to fill the market throughout the fourth quarter, as Norilsk Nickel began a roadshow.
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Equity bankers and investors are hot on Russia and a block on Wednesday night in PIK Group, the country’s largest real estate firm, served as a further example of the remarkable recovery of Russian ECM.
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Russian potash producer Uralkali is going on the road for five year dollar paper, returning to the international market for the first time in six years.
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Swiss investors’ thirst for yield was quenched in some style at the end of last week, when Russian Railways printed the largest Swiss franc transaction of the year from an emerging market borrower.
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A pair of CEE corporates, Veon Holdings and NordGold, released initial price guidance for bonds on Tuesday, both offering paper after a break from international issuance.
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Sovcombank printed a tier two bond on Monday at the wide end of guidance and the lowest end of the expected size range, which an investor said was a sign that the deal was “struggling” over the line. But a lead manager on the note pointed to healthy trading on Tuesday and its debut status and said that the issuer had simply taken sensible decisions after an in-depth price discovery process.
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Sovcombank was in the market on Monday morning with a subordinated bond, just 10 days after the issuer’s credit rating was upgraded by two major ratings agencies.
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Russia’s State Transport Leasing Co, also known as GTLK, printed a $550m Reg S bond on Wednesday from a book of more than $1.3bn, with a surprisingly high proportion of US offshore demand.
