VTB Capital

One of the last two substantial European IPOs of 2016 looks set to be completed on Friday, when RussNeft, one of Russia’s 10 largest oil companies, floats in Moscow for at least $495m.

RussNeft, the Russian oil company controlled by Mikhail Gutseriev, looks set to complete its IPO on Friday, after the bookbuild reached its end on Thursday afternoon, at a valuation of at least $2.5bn.

Gazprom showed up in the Swiss franc bond market on Wednesday attracting enough Russian buyers to help it pay its lowest ever coupon in the currency. The energy company gathered a wide variety of investors, from Switzerland and Russia, retail and institutions, for the deal.

Gazprom gave convincing evidence that lightning can strike twice on Wednesday, offering its second bond to the Swiss franc market in the past eight months. The bond attracted heavy international interest –– a rarity in the market this year.

RussNeft, the Russian oil company controlled by Mikhail Gutseriev, published today (Friday November 18) the price range for its IPO in Moscow, and opened the book at 10am Moscow time this morning.

Gazprom has mandated Deutsche Bank, Gazprombank, UBS and VTB Capital to act as joint lead managers for a Swiss franc bond set to come to market later this month.

RussNeft, the Russian oil company controlled by its chairman Mikhail Gutseriev, is moving ahead with plans to float in Moscow this quarter.

Polyus Gold emerged with pricing for a long five year dollar bond on Wednesday morning as reports circulated of imminent supply from a pair of big Russian corporates.

Russia gave more details on Wednesday of its plans to privatise stakes in state assets, including Rosneft, VTB Bank and shipping company Sovcomflot.

Unrated HNA Group made a quick return with a $200m bond this week, just one month after its last offering. On the same day, Kawasan Industri Jababeka from Indonesia also priced an exchange offer for its existing 2019s.

CK Hutchison Holdings is seeking fresh funds to refinance debt, and is eyeing a dual-tranche dollar bond with five and 10 year tenors.

With a $7.5bn book and a deal sold wholly to international investors, Russia returned to the capital markets in style on Thursday, shrugging off the ghosts of failure that blighted its return in May.