Russia
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The European IPO market is getting busier, with several deals launched this week, and another close to being priced. -
Russia’s largest privately owned bank has mandated banks for a rouble Eurobond of up to five years.
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The IPO of Detsky Mir, Russia's largest toy retailer, is covered. It is set to be priced on Tuesday.
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Russian gold producer Polyus Gold earned praise from its lead managers for not over-tightening pricing on a new bond on Tuesday after the poor performance of an aggressive deal from compatriot Rusal last week.
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Even with much of Asia inactive due to the Chinese New Year holiday, emerging market bonds seemed a more nervous market this week with only one issuer braving a deal.
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Tonight’s hail of block trades includes, besides the Lonza and Zoopla deals, at least two other transactions.
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Russia’s Siberian Coal Energy Company (SUEK) has drawn high interest from banks as it becomes one of the first borrowers this year from the country to open talks for a loan.
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Polyus Gold, Russia's largest gold producer, showed little regard for leaving something on the table for investors on Wednesday as it screwed pricing in for its new six year note. But investors will support the trade regardless, said emerging markets bankers.
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Russian supply returned to the eurobond markets this week with a hugely successful debut deal from aluminium producer Rusal and the promise of further dollar supply from Polyus Gold.
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Aggressive manoeuvres on a loan supporting Glencore and the Qatar Investment Authority’s buyout of a stake in oil company Rosneft could result in the deal going to Russian state lenders, with international bank officials questioning whether there will be enough relationship business to justify the exposure and reputational risk.
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Detsky Mir, the Russian toy retailer, has announced the price range for its Moscow IPO, which could value the business at up to Rb77.6bn ($1.3bn).
