Russia & CIS
A recent court ruling to reverse the National Bank of Ukraine’s decision to nationalise ailing lender PrivatBank sent the country’s banking system into disarray and even raised doubts over the country’s EU ascension prospects. The case, which some see as one of the first test-drives for the post-crisis era EU Bank Recovery and Resolution Directives, is significant not just for the country’s economy and its new president, Volodymyr Zelensky, but also for the European banking industry more broadly.
Belarus has come a long way since its debut Eurobond issuance in 2010. As the government seeks to stabilise the economy and spur on foreign investment, there are many avenues through which Belarus can access financing. Speaking at a press briefing in London, Minister of Finance Maxim Yermalovich shares important insights into the country’s ongoing diversification efforts, capital raising strategy, and privatisation plans.
In May, Russian Railway’s issued the country’s second green bond - and the first in hard currency - by raising EUR500mn in 8-year notes. Capitalising on a warmer funding environment, as well as the company’s strong track-record in the capital markets, the transaction also marked the lowest-ever yield on a Russian issuance.
Under the leadership of its new Prime Minister, Shavkat Mirziyoyev, Uzbekistan has moved further down the long path towards global integration. With its debut USD1bn Eurobond issuance in February this year, Uzbekistan is seeking to establish itself as a regular participant in global financial markets in the years to come.
It seems that, on March 31, Ukraine once again received a chance to accelerate its transformation, argues Sergey Aleksashenko, a nonresident senior fellow at Brookings Institute and Russia's ex-deputy finance minister.
The Russian government is developing a USD400bn roadmap for a massive economic overhaul in a bid to boost living standards and spur activity in key segments of the economy. Attracting that kind of investment is already looking like a mammoth task, particularly given some of the recent political moves clouding the country’s business climate.
As Russia enters its fifth year under sanctions and the deal pipeline in the region continues to be squeezed, south of the border some CIS and Central Asian states are undergoing remarkable transformation. But sanctions against Russia will not necessarily free up credit for potential issuers in the former Soviet states, all of which makes for an increasingly uncertain debt capital market for the region in coming months.
Abid Mamedov, CEO of AzFinance Investment Company CJSC, talks about the rising appetite for Azerbaijani paper, exposure to Russian risk, and expectations for the local currency bond market in 2019.
28 Feb 2019
With geopolitics becoming increasingly defined by nationalism – both economic and political – sanctions have become a common means of exerting soft power in the international arena. Yet the extent to which the threat of punitive economic measures may impact investors remains unclear.
Since its establishment in 1960, OPEC has seen its proportion of global oil production gradually decline. With the formation of OPEC+ in 2016, which saw OPEC agree to cut production alongside a number of other producers, and Qatar’s recent exit from the bloc, questions have been raised about the cartel’s waning influence – leading some to seriously consider what a world without OPEC would look like.
- Credit Bank of Moscow VP on Corporate Lending, Sanctions and De-Dollarisation
- CASE STUDY: RusHydro Prints Debut CHY1.5bn Dim Sum Tranche in a Tough Market
- Russian Exporters Revive Prepayment Financing Schemes as New Sanctions Loom
- Russia SWOT Analysis: Sanctions, De-dollarisation, and Prepayment Finance
- Off the Record: Banks in Russia – Shaken, not Stirred
12 Jul 2019