Russia
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GTLK, Russia’s state transport leasing company, printed a $500m six year bond on Wednesday from a book of just over $1.5bn. -
GTLK, Russia’s state transport leasing company, is in the market with a Reg S six year dollar bond, returning to the market after pulling a deal in February 2018.
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Russian equity capital markets have enjoyed the best start to the year since 2013, the year before sanctions were first levelled against the country after the annexation of Crimea.
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Russian equity capital markets are red hot again, after almost two years in the cold, with supply being driven by some of Russia’s most powerful oligarchs. As investors warm to Russian equities, more of these billionaires are set to monetise some of their holdings, writes Sam Kerr.
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Credit Bank of Moscow (CBM) has refinanced a $400m loan, raising $500m. While the deal was oversubscribed, bankers still have little hope of a sustained increase in Russian syndicated lending, which some have called a barren market.
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ECM investors continue to support Russian deals and flooded into a Rub5.8bn ($89m) block in LSR Group, the Russian real estate development company, in what was the latest sell-down by one of the country’s oligarchs.
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A recent resurgence in Russian ECM has gathered pace with the announcement of two IPOs in London and the US, as oligarchs seize the opportunity of a better equity window. Rustranscom (RTC), the Russian freight transportation company, joined this wave after it filed paperwork for a London listing of global depository receipts on Monday evening.
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Société Générale has appointed a new group country head for Russia, replacing Didier Hauguel, who is stepping down to focus on charity work.
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Evraz raised $700m with a five year bond on Wednesday as it returned to the fixed income market for the first time in two years. The company used the proceeds to finance a tender offer of its April 2020s.
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Alrosa, the world’s largest diamond mining business by carat volume, embarked on investor meetings on Tuesday to market a dollar benchmark Reg S/144A senior bond.
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Russian borrowers and their sovereign are streaming back into the bond markets, although with mixed results.
