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VTB Capital

  • United Medical Group, the Russian healthcare company, has launched an IPO on the Moscow Exchange, which is expected to raise more than $500m, according to a source close to the transaction.
  • Russian gold miner Nord Gold said on Thursday that it wants to launch an IPO on the London Stock Exchange, following a rally in the price of gold since March.
  • The city of Moscow is set to issue green bonds within the week, following the sovereign’s return to the Eurobond market on Thursday. The issuer is seeking foreign investor interest in its rouble-denominated green debut.
  • Russia launched its first international bond of the year on Thursday, which some have labelled as a show of strength by the sanction-hit country. Market participants are now debating which investors will end up buying the trade.
  • National Bank Trust, the bad bank set up by the Russian government after the financial crisis, has raised Rb50.2bn ($681m) by selling shares in VTB Bank, one of Russia’s largest banking groups.
  • Russia has mandated an exclusively Russian consortium of banks to arrange a euro bond issue. Market participants say the extra cash is not necessary but is Russia’s way of demonstrating its access to markets a month after its sovereign debt was slapped with further US sanctions.
  • Sovcomflot, the majority state-owned Russian shipping company, defied some market participants' expectations on Tuesday by coming to market to raise dollar debt just days after a fresh wave of US sanctions on Russia.
  • Trans-Oil Group, a Moldova agriculture company, was in the market on Wednesday for a dollar bond. The issuer has a rocky history in debt markets, following a failed attempt at a debut bond in 2018.
  • Sovcomflot, the shipping company majority-owned by the Russian state, is planning to enter the debt capital markets. But the dollar bond mandate comes at a tricky time as military escalation between Russia and Ukraine has caused investor confidence of assets on both sides to fall.
  • Mobile TeleSystems, Russia’s largest mobile operator, has sold a social bond in roubles, as it became the latest major Russian corporate to foray into ESG financing. The issuer has not ruled out a return to international markets, although in recent years it has pivoted towards domestic funding.
  • Russian Railways ventured into the Swiss franc market this week to sell the first hybrid corporate bond in over two years, a sign of a maturing Swissie market, according to local market participants.
  • Russian Railways issued a rouble bond on Thursday. Russian companies may steer away from the dollar market as discussions around fresh sanctions on Russia continue.
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