Russia

Asset managers are looking to the emerging markets as a hedge against a slowdown in the US and Europe.

Interest from Russian accounts drove a $400m sale in steel company NLMK Group last week, with local demand remaining strong in the country for the right sectors and stocks.

TCS Group Holding, the Russian financial services company owned by founder Oleg Tinkoff, has completed a $300m primary capital raise by selling Global Depository Receipts (GDRs) on the London Stock Exchange, gathering a strong following from investors for the deal.

Russia saw more than $8bn of orders at peak demand for a tap of its 2029 and 2035 Eurobonds, with the sovereign getting such a rapturous response that it paid zero to negative new issue premiums.

The Russian Federation was set to increase its 2029 and 2035 dollar bonds on Thursday evening as the risk of further US sanctions against the country recedes and the prospect of lower of US interest rates increases demand for the debt. A $7bn combined book had been built for the taps.

Shares in Petropavlovsk, the London-listed Russian gold miner, rose 7.4% on Thursday after the company issued a new $125m convertible bond to refinance and older note due in 2020.

The Russian Federation is to increase its its 2029 and 2035 dollar bonds as the risk of further US sanctions against the country recedes and the prospect of lower of US interest rates has increased demand for the debt.

VTB Capital has changed the date of its Russia Calling! conference, highlighting “mounting pressure from clients’ in-laws” as the reason for moving the event so that it doesn't clash with Thanksgiving in the US.

GeoProMining printed its $200m five year bond on Wednesday and a banker on the deal said the success of the note was a further sign of how much more comfortable investors have grown with Russia credit.

If the date of one major capital markets event in Russia is anything to go by, the locals have given up on attracting US investors all together.

In this round-up, US treasury secretary Steven Mnuchin called the talk with Chinese central bank governor Yi Gang ‘candid’ on Twitter, the Mainland warned domestic tourists and students against planning trips to the US, and both the World Bank and International Monetary Fund (IMF) lowered predictions for Chinese GDP growth thanks to trade tensions.

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