Russia & CIS
The final piece of the Rosneft-privatization puzzle appeared to fall into place, as initial investors Glencore and QIA agreed to sell the majority of their stake, purchased in December last year, to a little-known Chinese oil company. Yet the wider implications of the deal for the oil market and Sino-Russian ties are still unclear.
B&N and Otkrite to merge – Sberbank to withdraw from some European countries – Sibur issued a USD500mn bond – Armenia holds rates – Slovenia places a EUR700mn bond – Turkey to issue gold-backed instruments – Yields on Spain’s bonds spike after referendum
While most investors and the Bank of Russia expected to focus much of their attention for the remainder of 2017 on an impressive rebound in the country’s economic prospects, a series of challenges at some of Russia’s lenders – small, medium and large – have forced the world’s gaze onto the cracks emerging underneath its financial system.
A fortnightly review of Russia's debt capital markets, covering the latest loan, sukuk and bond deals, rating actions, policy and credit market developments... B&N becomes another Russian bank to be nationalised – Sistema appeals against court decision in Rosneft lawsuit – Russia to resolve tax dispute with Exxon over Sakhalin-1 – Ukraine issues first Eurobond since Crimea annexation – Turkey’s Yapi Kredi closes USD151mn dual-currency syndicated term loan – Tajikistan sees strong demand on inaugural Eurobond – Tensions between Poland and the EU escalate
UNEC to raise AED1bn – Bahrain to issue a sukuk – Nigeria pre-launched its sukuk sale – Afreximbank to boost capital for lending – CABEI gets upgraded – ADB tapped the international markets – Russia to resolve dispute with Exxon Mobile
Sistema runs a technical default – Otkritie bank to be bailout – Tajikistan is preparing benchmark offering – Moldova lowers its interest rate – Bank of Georgia sings a USD75mn trade finance club deal – Halk Bankasi to issue up to TRY12bn – Ukraine to issue Eurobond
Non-resident EM inflows flatline in August – Middle East bond market to see USD20bn of new supply in 2017 – Oman replaces CBO governor – Ecobank subsidiary secures USD250mn 5-year loan – Brazil looks ready to cut rates – Mexico City airport in market for USD2bn – CDB looks to raise CNY5bn in green bonds – ArcelorMittal Ukrainian subsidiary in loan talks with EBRD
Rosneft cuts Venezuela’s credit– Eurochem is arranging a US$325mn pre-export facility – Sistema to pay US$2.3bn to Rosneft– Azerbaijan gets downgraded – Akbank signed a dual-tranche syndicated loan – Turkey sells US$971mn worth of T-bills
As the Russian economy slowly stabilizes, ongoing banking sector consolidation has led to an increasing number of lenders losing their licences, putting pressure on the systemically important banks and threatening to halt the recovery.
CBR keeps rates steady, readies sale of OBR bonds – Nickel production in Russia to remain flat this year – Naftogaz increases compensation demand from Russia by US$5bn – Engie may pull out of Nordstream 2 – Albaraka Turk readies US$400mn issuance – Bank lending in Turkey to rise in 2018
- Russia, CIS, Europe & Turkey Credit Markets Brief: 13 July – 28 July
- Kazakh Megamerger Brings Relief as Concerns over CIS Banks Linger
- Russia, CIS, Europe & Turkey Credit Markets Brief: 20 June - 13 July
- CASE STUDY: Credit Bank of Moscow Raises AT1 Capital With Perpetual Bond
- EuroChem Group CFO on Finding the Right Window to Optimise Cost of Debt
16 Oct 2017
13 Oct 2017