Russia
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Representatives from Russia’s Ministry of Finance met with several investment banks in London last week, as the sovereign sought to persuade them to work on its next bond deal. -
Intesa Sanpaolo has objected to a report by a Russian news agency that it was "considering not syndicating" its €5.2bn loan to finance the acquisition of shares in Rosneft by Glencore and the Qatar Investment Authority.
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Russian borrowers are wasting no time in dealing with $7.3bn of their corporate bonds about to come due.
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Many international banks have yet to hear from Intesa Sanpaolo, more than a month after it announced plans to syndicate its €5.2bn loan to Qatar Investment Authority and Glencore for the takeover of a 19.5% stake in Rosneft, the Russian oil company.
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Norilsk Nickel printed a new six year bond 15bp inside its curve on Wednesday, but the volume of orders that dropped from the order book from the order book suggested that not all were happy with the pricing.
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ONGC Videsh (OVL), the overseas investment arm of Indian state-owned ONGC, has selected three banks for a $500m term loan to replace a bridge from last year. The oil firm is also raising funds in yen, and has picked two Japanese lenders for the financing, said a source.
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Russian borrowers are wasting no time in dealing with the $7.29bn of corporate bonds about to come due. After a record $2.8bn poured into the asset class last week, it is easy to see why borrowers view this as the time to tap the market.
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With bankers grappling for Russian deals, Credit Bank of Moscow has come out on top, signing an oversubscribed $500m syndicated loan on Monday.
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Sovcomflot reopened its 2023 bond on Monday as Norilsk Nickel looks to extend its dollar curve by a year.
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Renminbi’s share of international payments rises slightly in February, Liaoning free trade zone (FTZ) allows foreign investors to build renminbi pool, and the Chinese president Xi Jinping to meet with his US counterpart for the first time. Plus a recap of this week’s coverage.
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