Russia

RusHydro will come to market for a dual tranche deal in rubles and offshore yuan, following a roadshow to promote the bonds.

Banks which lend to Russian companies are on tenterhooks to find out if their comatose market will shrink further if the US brings more sanctions against the country.

Moscow Exchange on Wednesday launched aluminium, nickel, copper and zinc futures as part of a partnership with London Metal Exchange.

The Europe, the Middle East and Africa (EMEA) IPO market suffered during the sell-off that hit equity markets hard last week. But amid the wreckage of pulled flotations and weak aftermarket performance, two exciting listings from Kazakhstan and Belarus are underway and equity capital markets bankers and investors are beginning to see the promise in the markets in, and beyond, Europe’s eastern fringe, writes Sam Kerr.

Sibur, the Russian petrochemical company, announced a bond buy-back on Tuesday, targeting the borrower’s October 2023 bond.

Turkey is braced for one of the most important political events of what has been a turbulent year; the hearing of US pastor Andrew Brunson. The consequences could shape Turkey’s recovery from its recession. Elsewhere, a Russian mining company's loan showed the country is not quite closed for business, and after weeks of quiet, Latin American markets have bounced into life.

Russia’s Ural Mining and Metallurgical Company (UMMC) has signed its debut syndicated loan, as lenders remain resolute that sanctions have not made the country a no-go zone.

Dmitry Gladkov has been promoted to be Renaissance Capital’s acting global head of investment banking, replacing James Friel.

A subsidiary of Petropavlovsk has refinanced a $204m loan, with the Russia-focused gold mining company using the exercise to reduce its balance sheet exposure to the debt.

The Russian central bank announced a 25bp rate hike on Friday in a move calculated to offset the effect of expected US sanctions.

China has made little headway in persuading the Russian government and Russian institutions into using the renminbi, as the fate of a sovereign bond in the currency remains uncertain and trading of RMB products stalls. But market participants are not giving up just yet, with a new trading platform set to launch next year, writes Paolo Danese.

Potential IPO issuers from across emerging markets are waiting for investor sentiment to calm so that they can sell new deals, but many fear that there is little chance of a renaissance for EM this year.