Russia
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VTB Capital is making headway in seeking to grow its capital markets and investment banking business in Asia, after growth plans in the US and Europe were stymied by sanctions. -
Russian state owned giant Gazprom released initial price thoughts for a euro seven year bond on Wednesday morning at a level that bankers away from the deal said was around 20bp back of the company’s curve.
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The CEO of Russia’s largest retailer Magnit is selling a block of Rb41.4bn ($700m) worth of Moscow-listed shares, to fund his subscription to a capital increase, also announced this evening.
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Russia’s state owned GTLK is holding investor update meetings on November 27, with the transport leasing company picking three banks to arrange the event.
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There were several large equity block trades on Wednesday night this week, including a rare sale of shares in one of Russia’s biggest steel companies.
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A chequered history of debt restructurings and shareholder rebellions meant that a bond for B- rated Petropavlovsk was always going to be a tough sell. But a chunky 8.125% yield helped the gold mining company scrape together $500m to pay back more expensive bank loans, according to lead managers, despite the year end fast approaching.
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A chequered history of debt restructurings and shareholder rebellions meant that B- rated Petropavlovsk was always going to be a tough sell. But a chunky 8.125% yield helped the issuer scrape together $500m to pay back more expensive bank loans, according to lead managers, despite the year end fast approaching.
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Despite returning to profit in 2016, Petropavlovsk looked to be finding it difficult to shake off past concerns about its ability to refinance debt, as well as a shareholder rebellion in June that led to the ousting of founder Peter Hambro. The issuer opened books on a five year note at low 8% on Tuesday.
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Russian goldminer and debut bond issuer Petropavlovsk is expected to bring a new five year note with a yield in the region of high 5% on Tuesday. Bankers will be watching with interest to see how the equal lowest rated non-financial Russian debut corporate issuer fares.
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En+ Group, the Russian power and metals company controlled by Oleg Deripaska, began trading in London and Moscow on Friday after the book for its $1.5bn IPO came together at “the last minute,” according to a banker on the deal.
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The Ministry of Commerce (MofCom) completes the first draft of foreign investment law, regulators give BEA Union Investment Management the go-ahead to launch a wholly foreign owned enterprise (WFOE) in Shenzhen, and Renmin University’s vice president claims the renminbi will be fully convertible within five years.
