Russia

Adorabella Ltd, a vehicle controlled by billionaire Andrey Guryev and his family, has sold a 4.5% stake in PhosAgro, the Russian maker of phosphate-based fertilizers, for Rb14.8bn ($250m) via an accelerated bookbuild on Wednesday night that was covered in an hour.

Severstal looks set to add to the growing surge of Russian supply with its plans, set out on Thursday, to meet investors ahead of a potential dollar bond.

Alfa-Bank offered up a rare rouble-denominated Eurobond on Thursday. Making it rarer still was that the issuer is not a state-owned entity and bankers said its progress would be a strong barometer for other privately owned borrowers who may wish to use the product.

Russian aluminium producer Rusal has registered a prospectus on the Shanghai Stock Exchange for a Rmb10bn ($1.5bn) seven year Panda bond programme, the company said on Wednesday.

Detsky Mir, the Russian toy retailer, this week priced its Rb18.4bn ($311m) Moscow IPO, the first IPO of significant size to be completed this year in EMEA.

Emerging market bankers are busy on the road as mandates start to ramp up but this week all eyes will be on Nigeria, which wraps up investor meetings on Wednesday.

The IPO market in EMEA is enjoying mixed fortunes, with the successful completion of the largest flotation in Russia since 2014 and the withdrawal of the first German IPO of the year late on Tuesday due to a lack of demand at an acceptable price.

Two Russian corporate deals in as many weeks have been stuffed down investors’ throats. Both were deemed tight, but Rusal, the first, sold off and is yet to recover to par. Russian issuers are famously price-driven, and the deals prompted complaints — but market dynamics mean that tight pricing is here to stay.

Detsky Mir, the Russian toy retailer, has revised the price range for its Rb21.1bn ($350m) Moscow IPO to Rb85 to Rb90 a share, the bottom end of the initial Rb85 to Rb105 range.

In this round-up, CFETS sets its dollar fix nearly unchanged after a week-long break, several Japanese lenders get ready to gain access to the China interbank payment system, and RMB trade settlement in Hong Kong sees a sharp fall in 2016. Plus a recap of our coverage.

Loan bankers are demanding clarity on the true ownership of the 19.5% stake in Rosneft privatised at the end of last year, as Intesa Sanpaolo prepares to syndicate the €5.2bn loan it has provided to back the deal, write Dan Alderson and Jon Hay.

Siberian Coal Energy Company (SUEK) is set to test demand among banks for lending to Russia and their willingness to deal with the coal industry, given many lenders have rules prohibiting further investments in the sector.