Russia
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Books for Russian Railways’ eight year euro green bond had breached the €1.4bn mark by lunchtime on Wednesday, allowing leads to tighten pricing. A banker away from the note said the levels offered looked fair. -
Russian Railways has told investors that it is focusing on an eight year tenor for its euro green bond, with pricing for the benchmark expected "as early as tomorrow." The deal will be the first international green bond from the country.
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Novolipetsk Steel (NLMK), a Russian steelmaker, is embarking on a roadshow to market a dollar benchmark bond with a five to seven year maturity as issuers and investors brush off the risks of further US sanctions on the country.
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Sovcomflot, the Russian shipping company, has signed a 10 year loan facility with three international lenders. Russian syndicated loan volumes remain low, but Sovcomflot is widely regarded by bankers as one of the stronger and more established Russian borrowers.
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Headhunter Group, the Russian recruitment software firm, priced a $220m IPO on Wednesday in the first new listing from a Russian issuer since November 2017.
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Russian Railways is embarking on a roadshow to market its first green bond, which DCM bankers say is the first international green bond from the country. It it entering the market despite a round of US sanctions seeming to be on the way.
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Emerging market bankers and investors have been reacting to this week's attempt by the Venezuelan opposition to unseat president Nicolás Maduro, with some worrying that Russia's support for the government once again raises the risk of sanctions against that country.
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Republican senator Lindsay Graham called for more sanctions on Russia over the weekend, but the threat of these sanctions seems to have become toothless, as foreigners' appetite for exposure to Russia and the rouble has increased in the last few months.
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Rustranscom, the Russian freight and logistics operator, has decided against a listing that it had begun marketing in London and has opted instead for a private equity transaction.
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Kingspan, an Irish insulation company, has made a €700m offer for two units of Belgium’s Recticel, but will sell one of them if the deal goes ahead.
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Metalloinvest, the Russian steel maker, has signed a sustainability-linked bilateral credit line with ING. It is one of the first sustainability-linked loans for a Russian borrower and comes as ING continues its drive to expand in this area.
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