VTB Capital

Russia sanctions could have further implications for leveraged issuers

SPB counts on domestic demand, international market proves tricky for Mercury

The cybersecurity firm has listed in London and Moscow

The Russian insurer has started trading on the Moscow Exchange

United Medical Group, the Russian healthcare company, has launched an IPO on the Moscow Exchange, which is expected to raise more than $500m, according to a source close to the transaction.

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.

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.

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.

The Development Bank of Kazakhstan on Thursday launched a dual tranche bond in dollars and Kazakh tenge. Investor interest in emerging market local currency debt has increased over the last year, as the hunt for yield grows.

Sovcomflot, the majority state-owned Russian shipping company, defied some market participants' expectations on Tuesday by coming to market to raise dollar debt just days after a fresh wave of US sanctions on Russia.