Russia

Beset by dire predictions and gloomy warnings from all sides as to the future of emerging markets, CEEMEA borrowers decided to ignore the melodrama and produce the second biggest week for issuance of the entire year.

Gazprom has ratcheted in price guidance for its euro denominated benchmark, as it looks to print the second Russian corporate bond this week after a drought that started in November 2014.

Norilsk Nickel restarted CEEMEA supply and proved investors are willing to buy Russian risk in large size and longer tenors with a $1bn seven year note on Tuesday, which drew praise even from rival debt bankers.

Norilsk Nickel opened books on a seven year benchmark bond on Tuesday morning, which should help answer a key question on the minds of bankers and prospective borrowers — just what do Russian corporates have to pay to come to market?

Gazprom may issue a euro denominated note next week, the first corporate new issue from Russia in 2015. But although it is viewed as a positive sign for the market, it won't necessarily herald a wider market re-opener for the country.

Gazprom has released roadshow dates for a euro bond, but is going ahead with the meetings without Deutsche Bank on the mandate.

Commodity trade finance for Russian firms remains strong, despite sanctions and falling commodity prices, according to bankers at the Loan Market Association's annual conference on Thursday.

Trading of derivatives on the Moscow Exchange was halted for two hours this week after systems failed.

A measure of calm is returning to energy commodity markets after a series of wild weeks, but implied volatility measures remain heightened across the sector.

Russian steelmaker Novolipetsk Steel (NLMK) has arranged a syndicated loan of around $400m, after a long and protracted grappling with lending banks.

International syndicated lending to Russia this year is running at its lowest volume since 2001, and less than a third of the total lent by this point last year, according to Dealogic.

In this round-up, Chinese premier Li Keqiang said RMB internationalisation to continue, South Korea's RMB deposits halving in a few months, HKMA revamps its RMB liquidity facility, Singapore Exchange and Moscow Exchange see surging RMB trade volumes, Shanghai Gold Exchange expands its list of assets that can be used as collateral for trading to A-shares and foreign currencies, and Deutsche Bank joins OTC Clear as a clearing member.