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Russia & CIS

20 Jun 2017   Russia & CIS

Russia, CIS & Europe Credit Markets Brief: June 6 - June 20

Russia shelves panda bond plans, wants to tap Eurobond market – Norilsk Nickel issues US$500mn Eurobond – Polymetal extends US$400mn bond maturity with Sberbank for 7 years – Peresvet Bank prepares partial bail-in – Sberbank intends to develop Islamic finance instruments – 5x oversubscription seen on RusHydro’s 3-year RUB10bn bond – Mechel discloses list of Western creditors – Tinkoff launches US$300mn perpetual Eurobond – Kazakhstan prepares for Kazkommertsbank takeover by Halyk Bank – Poland’s Echo Investment raises PLN100mn on bond markets

CASE STUDY: Tinkoff Bank Bursts Into the Dollar Market with US$300mn Perp Eurobond

Tinkoff Bank, one of Russia’s most progressive and innovative FIs, made its way back to the international capital markets after a five-year absence with an impressive US$300mn 9.25% issuance, marking the third perpetual Eurobond in the Russian banking sector to date.

Does the Fate of Kazakhstan’s Financial System Rest on a Merger?

As the two biggest lenders in Kazakhstan prepare to merge, creating the largest bank in Central Asia, analysts question whether it will be enough to stabilize the country’s troubled financial system.

Russian Central Bank Shift Away from Transparency Irks Investors

While the move could raise some suspicions about the real health of Russia’s banking sector, the relative stability of Russia’s top tier lenders keeps investors at ease – for now.

CASE STUDY: Norilsk Nickel Digs Up US$1bn in Loan Participation Notes

Leading miner Norilsk Nickel spotted a window of relative calm in global markets to sell US$1bn in 6-year senior loan participation notes, enabling the company to extend its maturity profile and capture strong investment appetite from eastern lenders.

VIDEO: Interview with Jean-Marc Mercier, Global Head of Debt Capital Markets, HSBC

Bonds & Loans interviewed Jean-Marc Mercier, Global Head of Debt Capital Markets at HSBC to discuss how effective Russia's banking sector consolidation has been and how well the international banks have adapted to the new conditions?

VIDEO: Interview with Konstantin Vyshkovsky, Director of the Public Debt, MinFin, Russia

Bonds & Loans interviewed Konstantin Vyshkovsky, Director of the Public Debt and State Financial Assets Department, Finance Ministry, Russia, to discuss the more prominent developments in the country’s debt markets

VIDEO: Interview with Oleg Dzhus, Member of the Board and Head of Treasury at Banca Intesa, Russia

Bonds & Loans interviewed Oleg Dzhus, Member of the Board and Head of Treasury at Banca Intesa, Russia, to discuss the current outlook for Central Bank rates and what the expectations on the Central Bank’s monetary policy are for the coming year.

VIDEO: Interview with Michael Dunning, Head of Corporate Ratings, EMEA, Fitch Ratings

Bonds & Loans spoke with Michael Dunning, Regional Head of Analytics Group in EMEA Region for Fitch, about the success of Russia's macro outlook for 2017, the success of the banking sector clean-up and the prospects of the rouble.

VIDEO: Interview with Richard Segal, Senior Emerging Markets Credit Analyst, Manulife AM

Bonds & Loans spoke with Richard Segal, Senior Emerging Markets Credit Analyst at Manulife Asset Management to get his take on what's driving the Russian credit market, and which sectors he thinks look most likely to generate deals.


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