Russia

Moskovskaya Birzha (Moscow Exchange, or MOEX) has vowed to improve risk management and will expand the range of foreign exchange services it provides.

Severstal, the steelmaker, reopened the Russian convertible bond market on Tuesday, with what bankers on the deal said was the first issue since 2013.

In this round-up, South Korea RMB deposits picked up, while Macau and Taiwan saw a slight contraction, BRICS NDB approved its first loans, Chinese and Russian regulators are expanding their co-operation agreements, and Euronext started providing market data directly to onshore investors in China. Plus, a recap of GlobalRMB's top stories this week.

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Despite Argentina soaking up $16.5bn of demand, other emerging market issuers also recorded high levels of oversubscription this week, suggesting EM is awash with cash and ideal conditions for the healthy pipeline of issuers due next week.

Books reached $8bn for VimpelCom’s holdco note on Wednesday, with the level of support for the deal impressing the lead managers.

VimpelCom was on track to print a dual tranche structurally subordinated note on Wednesday with books over $4bn.

Though Russian president Vladimir Putin said on Thursday that he does not see Western sanctions being lifted in the near future, strength in the country's debt and the emerging markets more broadly still prompted two Russian bonds from non-sanctioned issuers to be printed this week and a third to announce a roadshow.

Emerging markets investors are soon to be treated to the second Russian corporate of the year in dollars with Vimpelcom mandating banks this week.

Russian container terminal operator Global Ports Investments printed the first Russian debut bond since the Crimea crisis on Monday in a deal that was 3.5 times subscribed.

Renaissance Capital proved Russian debt is still in demand on Monday when it switched holders of its 2016 bond into a new 2021 bond, which also attracted new investors.

Renaissance Financial Holdings (RenCap) is circulating guidance for a new five year note which is part of the borrower’s ongoing exchange offer.