Russia

The supply of Russian bank paper looked set to continue as three more lenders lined up for dollar deals.

Strong demand from domestic investors helped Polyus Gold price a new dollar deal inside its existing curve on Wednesday, as reports circulated of imminent supply from a pair of Russian corporate giants.

Strong demand from domestic Russian investors helped Polyus Gold price a new dollar deal inside its existing curve on Wednesday.

Alfa-Bank is marketing the first ever fully Basel III compliant additional tier one (AT1) trade from Russia and will begin investor meetings on Monday.

Polyus Gold emerged with pricing for a long five year dollar bond on Wednesday morning as reports circulated of imminent supply from a pair of big Russian corporates.

The CEEMEA bond market exploded into life this week in what will be one of the busiest of the year. Saudi Arabia is leading the action with its much-anticipated bond but Turkey made an impressive comeback with four of its banks in the market following Friday’s sovereign trade. Further supply from Poland, Russia, the Middle East and Africa is adding plenty of diversity for investors.

Plans abound to connect China’s bond market with offshore counterparts but they have had little success until recently. Now Russia’s National Settlement Depository (NSD) is close to launching a link in the first half of 2017, Eddie Astanin, chairman of the executive board, told GlobalRMB.

Investors are soon to be treated to the lowest rated Russian bank debt since 2012 as Tatfondbank embarked on a roadshow for a three year deal to test just how strong demand is for the asset class.

Russia plans to raise $7bn in the international markets next year as part of a three pillared approach to reduce its budget deficit, as sanctions and low oil prices continue to stunt its growth.

Muted demand for Russian bank debt hit Promsvyazbank (PSB) as it struggled over the line on Wednesday with a deal, following compatriot Otkritie's trade last week. Worse still, access to longer term funding, which PSB says it needs, looks some way off.

Russia gave more details on Wednesday of its plans to privatise stakes in state assets, including Rosneft, VTB Bank and shipping company Sovcomflot.

Promsvyazbank (PSB) opened books on a three year senior deal on Wednesday, following hard on the heels of compatriot, Otkritie. But PSB wants more international investment than that seen in recent Russian deals, its CFO told GlobalCapital.