Russia
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Credit Bank of Moscow reopened the new style tier two market for Russian issuers in style on Wednesday with a $600m deal that was five times subscribed. -
Gazprom went for size with its sterling market return on Wednesday, pricing the second largest deal ever in the currency from an emerging markets borrower.
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Credit Bank of Moscow was on track to print its first Basel III compliant deal and had taken books of $1.7bn by Wednesday morning.
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Gazprom opened books on Wednesday morning on the first sterling-denominated bond from a Russian borrower since 2013.
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Moscow Exchange (Moex) and Dalian Commodity Exchange have agreed on a memorandum of understanding.
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Russian Railways, a regular issuer in the bond market, has made a return to syndicated loans by signing a $420m club deal at the end of last week, according to a banker on the trade.
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Russia’s renminbi ambitions got a big boost from the appointment of a clearing bank in September 2016 and the first Panda bond by a Russian corporate earlier this month. In a Q&A with GlobalRMB, the Central Bank of Russia says that all the technical preparations are complete for the Finance Ministry to issue its first RMB bond in Moscow — which would inaugurate a new market for so-called ‘Baikal’ bonds.
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This week, the head of the state administration of foreign exchange (Safe) criticised Chinese companies’ overseas acquisition choices, 13 countries joined Asian Infrastructure Investment Bank (AIIB) and ICBC Moscow started offering RMB clearing services.
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In its first Panda bond issuance last week, Rusal hit double its target price. With Rmb9bn of issuance limit left on its programme, Oleg Mukhamedshin, deputy CEO of Rusal, told GlobalRMB that the Russian corporate will take its time before returning.
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Alfa-Bank made a rare appearance in the euro-denominated bond market on Thursday, pricing its first deal in the single currency since June 2014.
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Strong fund inflows and narrowing new issue premiums brought another round of CEEMEA borrowers out of the woodwork this week as some investors sounded the alarm over market exuberance.
