Russia

Three Russian corporates are looking to hammer out deals in the wake of the sovereign’s return to the bond market last week. All are refining their debt profiles with a combined buyback and new offer.

Russia this week printed its first Eurobond since 2013. But the $1.75bn deal — hobbled by Western banks refusing to lead arrange, Euroclear declining to confirm it would settle the bond and compliance teams halting some fund managers from participating — was not a straightforward issue. Debate rages as to whether the exercise has done the sovereign more harm than good.

Russia has sold its first Eurobond since 2013, drawing a book of over $7bn, according to analysts, but with doubt still high as to what proportion of that figure was from true overseas buyers.

High profile sovereign bonds have dominated CEEMEA markets so far this week. Russia returned on Tuesday with its first deal since 2013, but not with the international slam-dunk the sovereign was hoping for. Elsewhere Qatar started book building for its long-awaited bond.

Russia’s $1.75bn sovereign Eurobond showed that the country can raise external financing, but that does not necessarily mean that the deal will be recorded as a political success.

Russia has not updated the guidance it released on Monday for its first bond since 2013, with a debate over whether Euroclear will settle the note deterring some investors.

Russia released on Monday price guidance on its first sovereign Eurobond since 2013, and its first since the US and the EU imposed sanctions on several state-owned companies in 2014.

In this round-up, China's central bank appoints a new deputy governor, first foreign banks with direct access to China’s onshore foreign exchange market are named, the first RMB certificates of deposits (CDs) settle in the US, and eight new RMB qualified foreign institutional investor (RQFII) licences. Plus, a recap of our stories this week.

Koks Group is set to enter the euro commercial paper market in an effort to generate some much needed liquidity.

India's ONGC Videsh has lined up six lenders for a $1.268bn nine month loan to support its acquisition of a stake in oil fields in Russia.

Evraz has bought back $184.4m of outstanding Eurobonds that were due in 2017 and 2018, joining a band of several Russian issuers which have been buying back dollar debt.

Sberbank has chosen Netherlands–headquartered Wolters Kluwer’s OneSumX for risk management platform to streamline its global treasury operations.