Russia
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Goldman Sachs this week announced the closure of its dedicated BRIC (Brazil, Russia, China and India) fund after nearly 10 years. The move signalled the end of the BRIC era, as this year saw recessions plague Russia and Brazil while growth in China stalled. -
Russian Copper Company has signed a $200m four year pre-export finance facility with European and Russian banks.
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International syndicated lending to Russia has been in the deep freeze for the last 12 months, with only a handful of safe, commodity-backed loans arranged. The European Council will review its sanctions on Russia in a few weeks, but don’t expect the market to thaw.
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Russian gold and silver miner Polymetal has signed what is likely to be one of the final Russian loans of the year, in a $350m four year deal with five banks.
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Russian steelmaker Evraz has been in talks with banks for a syndicated loan for some time, but bankers said this week that the firm will likely stick to bilateral loans instead.
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Russian steelmaker Novolipetsk Steel (NLMK) has named the banks for the $400m four year pre-export facility it signed last week, one of only a handful of Russian loans this year.
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Russian steel company TMK has launched a tender offer for its 2018s through Citi and JP Morgan.
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VTB Bank intends to buy back $418.8m of dollar bonds and Sfr67m in Swiss franc bonds following the result of a tender offer that expired this week.
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Lenta, the Russian supermarket group, completed a $275m sale of global depositary receipts on Tuesday night, in an accelerated bookbuild of both primary and secondary stock.
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In this round-up, Moscow Exchange sees drop in RMB swap and spot trading in September, RMB denominated trade settlement reaches new record in Q3 2015, Taiwan RMB deposits see slight fall in September, HKEx plans launch of new RMB metal contracts, and BAML finds investor sentiment improved on China.
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It was just like the good old days in emerging market bonds this week despite the IMF's best attempts to spread doom and gloom. Riding the crest of a wave of supply though were the first Russian corporate deals longer than a year since 2013 — and how investors dived in. Francesca Young reports.
