Russia
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Russia is continuing to open its doors to international lenders, with Credit Bank of Moscow seeking to launch a syndicated loan of $350m-$400m. -
Gazprom looks set to return to the dollar market for the first time in more than three years, following the announcement on Wednesday of plans for a US roadshow next week.
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Russian steelmaker Evraz began meeting investors on Monday ahead of a planned dollar bond placement to finance a buy-back of notes maturing in 2018 and 2020.
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Gulf issuance dominated the picture in the CEEMEA bond market during the first half of the week as Oman brought the year’s first bumper sovereign deal from the region and two UAE borrowers boosted supply.
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An Intesa spokesperson confirmed to GlobalCapital that the bank was in talks with 14 banks about syndicating its €5.2bn loan to finance the takeover of a 19.5% stake in Rosneft by the Qatar Investment Authority (QIA) and Glencore.
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Russian Railways saw strong demand from international investors for a new Eurorouble note on Monday, with Asian accounts taking an unprecedented one-third of allocations.
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Russian Railways marked the end of the national holiday in its home market by emerging with pricing for a new seven year Eurorouble note on Monday.
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ONGC Videsh (OVL), the overseas investment arm of Indian state-owned oil company ONGC, is tapping the loan market for longer dated debt to replace a bridge raised by one of its subsidiaries.
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Russian Railways lived up to a reputation for aggressive pricing on Wednesday, printing a new seven year dollar benchmark comfortably inside its existing curve.
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This week has seen the reopening of sovereign bonds from the Gulf region and Turkish bank debt, with Bahrain and Yapi Kredi both printing successful trades on Tuesday.
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Bond buyers showed strong appetite for Russian Railways’ new dollar benchmark on Wednesday morning despite pricing levels seen as tight by sector analysts.
