Russia

The UK government is consulting with market participants about new powers enabling it to block companies from listing their shares in the country on national security grounds. The move comes after concerns were raised about the 2017 listing of energy and metals company EN+.

Believe, the French digital music company, completed its Paris IPO on Thursday morning but the shares bombed in their first hours of trading in another blow for European listings. However, sources close to the transaction were still pleased to get the deal across the line in what they saw as a boost for the French IPO market after another sizeable listing was pulled last week.

Russian potash fertiliser producer Uralkali has entered the syndicated loan market to raise a pre-export finance facility, according to loan bankers. The facility garnered a strong response from lenders, as they hunt for assets in a bare pipeline.

Russian gold miner Nord Gold said on Thursday that it wants to launch an IPO on the London Stock Exchange, following a rally in the price of gold since March.

Polymetal, one of Russia’s largest gold producers, has added to its green debt by raising $400m from international lenders

The city of Moscow is set to issue green bonds within the week, following the sovereign’s return to the Eurobond market on Thursday. The issuer is seeking foreign investor interest in its rouble-denominated green debut.

Russia launched its first international bond of the year on Thursday, which some have labelled as a show of strength by the sanction-hit country. Market participants are now debating which investors will end up buying the trade.

National Bank Trust, the bad bank set up by the Russian government after the financial crisis, has raised Rb50.2bn ($681m) by selling shares in VTB Bank, one of Russia’s largest banking groups.

Momentum is picking up among Russian borrowers seeking to raise green or ESG-linked loans. Sibur, the petrochemical company, is the latest borrower to enter the market, which bankers say is attracting companies from all over the spectrum.

Russia has mandated an exclusively Russian consortium of banks to arrange a euro bond issue. Market participants say the extra cash is not necessary but is Russia’s way of demonstrating its access to markets a month after its sovereign debt was slapped with further US sanctions.

A deal-hungry retail investor base provided crucial support for a strong first few months of the year in Russian equity capital markets, and sources in Moscow are hopeful that the momentum will carry on through 2021 as the political noise that threatened to derail the market subsides.

BCS Global Markets, the investment services division of Russia’s largest independent broker, has hired a new treasurer.