Russia

Credit Bank of Moscow (CBM) is released price talk for its first Basel III compliant additional tier one (AT1).

Russian coke and iron producer Industrial Metallurgical Holdings (Koks) emerged with pricing on Thursday for a new five year dollar note.

Russian corporates are once again at the forefront of issuance in emerging market bonds, raising $1.8bn already this week. With KoKs and Credit Bank of Moscow out with guidance on Wednesday, April is set to be a golden month for Russian issuers.

EM bankers' predictions that April would be a mega month for Russian corporate borrowers look to be coming true with Metalloinvest raising $800m on Monday and Rusal and PhosAgro opening books on Tuesday.

Two Russian issuers have hit the screens this morning with deals in the belly of the curve. Mettaloinvest is out with guidance for a seven year note, while United Company Rusal (Rusal) is expected to bring a deal on Tuesday.

Two Russian borrowers are lining up bonds for next week with Credit Bank of Moscow set to issue its second capital trade of the year, and PhosAgro looking to finance a buyback with a new issue.

Russian steel and iron ore firm Metalloinvest has agreed terms for a $1.05bn pre-export finance facility (PXF) with a syndicate of banks.

Credit Bank of Moscow is going further down the capital structure with its second subordinated trade of the year, and will meet investors for what will be only the second additional tier one trade from Russia.

Political power plays in Turkey and the UK have done little to derail EM bond markets this week, but the pipeline is thinner than before Easter, and limited to Russian borrowers.

Russian fertiliser producer Phosagro will meet investors from Thursday for its first Eurobond since 2013.

Risk appetite propelled CEEMEA into a bullish second quarter with nearly $16bn of bonds printed in Easter week. Saudi Arabia led the charge with a $9bn sukuk, but demand for duration played into the hands of KazMunayGas which raised $1.25bn of 30 year debt.

Telenor, the Norwegian telecoms company, has sold a 4% stake in Veon, the Russian telco formerly called VimpelCom, for $262.5m through a block trade.