Russia & CIS
Over the past year, Russian fertilizer giant EuroChem Group AG has made great strides in opening new markets, tapping the growing demand in Asia and Latin America, and spending over USD6bn on two mines to produce potash, a high-quality soil fertilizer. Bonds & Loans catches up with the company’s CFO Andrey Ilyin to discuss the industry outlook, the company’s financing plans for 2018, and how it plans to diversify into new regions.
Petropavlovsk sold USD500mn of fresh debt –– PSB gets downgraded – Rosneft’s shares take a hit due to Venezuelan crisis – Venezuela and Russia agree on debt restructuring –ABLV placed USD40mn of unsubordinated notes – Belarus to issue USD600mn next year – The government to support Turkey’s export sector
Bonds & Loans speaks with Irakli Gilauri, CEO of BGEO Group about the company’s funding strategy, its first – and the country’s first – local currency Eurobond, and how other emerging market corporates can help deepen demand for local currency assets.
Rosselkhozbank to issue perpetual bonds – Petropavlovsk preparing its bond market debut –Croatia to hold a repo auction – Moldova cuts interest rates – Eurotorg issues Belarus’ first corporate bond – Greece to tap the international markets again – BOE hikes rates for first time since August 2016 – Relations between Turkey and the EU continue to deteriorate
Western sanctions against Russia could stay in place for the next 10 years – Russia Railways issued a RUB15bn bond – Belarus could face further rate cuts – Kazakhstan’s Central Bank to sell USD1bn in assets – Hungary tapped the markets with 10-year notes – Diplomatic tensions take a toll on Turkey’s assets – Tupras sold USD700mn of fresh debt
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
- Russia, CIS, Europe & Turkey Credit Markets Brief: 24 August - 07 September
- Emerging Market Credit Daily Roundup: 6 September, 2017
- Russia, CIS, Europe & Turkey Credit Markets Brief: 10 August – 24 August
- Banking Sector Jitters Put a Squeeze on Interbank Lending in Russia
- Russia, CIS, Europe & Turkey Credit Markets Brief: 29 July – 10 August
13 Dec 2017
29 Nov 2017