Russia

A number of highly anticipated emerging market IPO issuers are understood to have shifted listing plans to next year instead of the last quarter of 2019.

International banks should stand their ground and continue lending to Russian borrowers. The weak, ineffective sanctions that the US rolled out last week have not affected Russia’s creditworthiness and some even argue that investors in the country face fewer risks than they did two weeks ago.

Bankers and investors have expressed their irritation at the US's new set of sanctions on Russia. The latest punitive actions stop US financial institutions from extending debt financing in the primary market to the sovereign.

With emerging market loan bankers puzzling over what the latest round of US sanctions against Russia mean for syndicated lending in the country — an activity already well muzzled by proscriptions — Moscow bankers were defiant that they would be ineffective.

The US Treasury's fresh round of sanctions on Russian sovereign debt has thrown yet another obstacle in the way of international lenders, who are bracing themselves for indirect impact on the already faltering syndicated loans market.

Emerging market loan bankers have been trying to understand the impact on syndicated lending of the US’s latest sanctions on Russia. The proscriptions have instilled more uncertainty into a collapsing market.

Russia was slapped with sanctions this week that stop US financial institutions from participating in primary issuance from the sovereign. So far, so terrifying as – eek!— Russia’s main artery of finance has been cut. Only it hasn’t been, not really. Don’t be too surprised if the Russia sovereign comes out soon with an international bond to prove it.

EM investors are calling the US Treasury’s latest round of sanctions — this time on Russian sovereign debt — confusing and knowingly ineffective.

Ready and willing equity investors are facing another year of frustration in Russia, with the country's IPO activity set to underwhelm until 2020.

The US has imposed sanctions on Russian sovereign debt in response to the use of a banned nerve agent in the attempted assassination of Sergei Skripal, a former Russian spy. However, the sanctions are not severe enough to have damaged demand for Russian bonds in the secondary market.

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Russia's largest producer of anthracite coal, Siberian Anthracite, is expected to complete a loan refinancing in September. The deal will see Sibanthracite switch its existing loan facility from dollars to euros, as bankers offer a number of reasons for the switch, including preventative protection from sanctions and the elimination of operational delays.