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Russia & CIS

14 Aug 2017   Macro, Ratings, Currencies, Russia & CIS

Banking Sector Jitters Put a Squeeze on Interbank Lending in Russia

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.

Russia, CIS, Europe & Turkey Credit Markets Brief: 13 July – 28 July

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

Gazprom tapped the international markets – Alfa Bank issued a RUB10bn Eurobond – AFK Sistema declared technical default on bonds –– Halyk Bank acquires Kazkommertsbank – IBA plans to restructured approved by shareholders – Greece returned to the capital markets – Halbank to issue a US$2bn bond in the international markets

Kazakh Megamerger Brings Relief as Concerns over CIS Banks Linger

Kazakhstan largest bank’s US$560mn takeover of its biggest rival is expected to bring more stability the country’s fragile banking system and leave a positive footprint on CIS economies.

Russia, CIS, Europe & Turkey Credit Markets Brief: 20 June - 13 July

Russian Eurobonds see strong demand despite additional US sanctions looming – Russia’s VTB agrees new loan to Croatia’s struggling food producer Agrokor – Gazprom issues US$500mn Eurobond – Russia’s Yugra bank is latest to go into administration – Ukraine expects delays on latest IMF tranche – State-owned Ukrainian Railways to issue UAH2bn bond - Azerbaijan's FX reserves rose by US$3bn - Turkey's Is Bankasi issues US$500mn bond

CASE STUDY: Credit Bank of Moscow Raises AT1 Capital With Perpetual Bond

The third-largest privately-owned bank in Russia and 9th largest by total assets tapped the international debt markets to successfully boost its capital reserves and stay in line with the Basel III regulatory demands.

EuroChem Group CFO on Finding the Right Window to Optimise Cost of Debt

Russian fertilizer company EuroChem Group, which recently issued a very successful 4-year Eurobond, has aggressively expanded its operations in recent years, breaking into seven different markets on three continents. Bonds & Loans speaks with Group CFO Andrey Ilyin about the company’s funding strategy, investor diversification, and managing a tricky combination of high capex and declining output prices.

Transneft vs Sberbank Ruling Threatens to Derail Russia’s Derivatives Market

The court’s decision to award the oil pipeline monopoly RUB67bn in compensation for an options trade originating in 2014 could take a trillion-rouble toll on the country’s secondary markets.

What Other CFOs Can Learn from SimpleFinance’s Eurobond Debut

Your first time is always the most challenging, but Russia’s SimpleFinance seemed to pull off its debut Eurobond transaction – a US$30mn 3-year trade – without a hitch. Bonds & Loans speaks with Campbell Bethwaite, Managing Partner of Finteca, SimpleFinance’s parent company, about the strategy behind the transaction and the outlook for other Russian corporates looking to raise debt this year.

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


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