Russia

Russian Railways is to issue a Eurobond in roubles — the first time in over a year that an offshore rouble bond has been issued by a corporate borrower. The proceeds of the deal will be used to buy back outstanding dollar and Swiss franc bonds.

Debut issuer O1 Properties opened books on its five year dollar note on Tuesday with a yield of 8.5% area.

Otkritie has postponed its planned bond after failing to reach a pricing agreement with investors. The price sensitive issuer is continuing to monitor the market, bankers said on Tuesday.

Russian commercial real estate investment company O1 Properties is targeting a five year bond following the completion of an investor roadshow on Friday, a banker at one of its leads said on Monday.

Global Ports reopened the market for Russian issuers on Thursday with a seven year dollar deal that drew both plaudits and criticism from rival bankers.

Telenor sold $1.5bn of shares in VimpelCom, the Russian telecoms company, this week, in a combined equity placing and exchangeable bond that were well received, despite the Uzbek bribery scandal that engulfed both companies last year.

Global Ports became the first issuer to test demand for Russian assets for more than two months on Thursday with the release of pricing for a new seven year dollar deal.

Russia’s EuroChem will sign a five year loan imminently. The refinancing sees the fertiliser producer aiming for tighter margins than its last post-sanctions loan, said two bankers close to the deal.

A strong pipeline is building in CEEMEA but after last week’s mini-tantrum, EM bankers are dealing with a shift in investor attitudes which will likely impact pricing as investors demand juicier levels from upcoming issuers.

Global Ports added on Tuesday a seven year bond to the pipeline of Russian borrowers set to bring deals this month, which already includes private bank Otkritie and commercial real estate company O1 Properties.

Russian broker BCS Global Markets has hired two senior bankers to join its management team.

Russian development institution Vnesheconombank signed a Rmb10bn($1.5bn) loan from 10 Chinese banks at the Eastern Economic Forum in Vladivostok this week.