VTB Capital

Trans-Oil Group, a Moldova agriculture company, was in the market on Wednesday for a dollar bond. The issuer has a rocky history in debt markets, following a failed attempt at a debut bond in 2018.

Sovcomflot, the shipping company majority-owned by the Russian state, is planning to enter the debt capital markets. But the dollar bond mandate comes at a tricky time as military escalation between Russia and Ukraine has caused investor confidence of assets on both sides to fall.

Mobile TeleSystems, Russia’s largest mobile operator, has sold a social bond in roubles, as it became the latest major Russian corporate to foray into ESG financing. The issuer has not ruled out a return to international markets, although in recent years it has pivoted towards domestic funding.

Russian Railways ventured into the Swiss franc market this week to sell the first hybrid corporate bond in over two years, a sign of a maturing Swissie market, according to local market participants.

Russian Railways issued a rouble bond on Thursday. Russian companies may steer away from the dollar market as discussions around fresh sanctions on Russia continue.

A flurry of Swiss franc issuance dusted the market this week, as domestic and foreign borrowers entered a more settled market.

Rusal, the Russian aluminium company, has arranged a 15 year syndicated loan from a consortium of local lenders. Funds will support the development of a smelting project in Siberia, which the company claims is environmentally friendly.

Fix Price, the Russian discount retailer, has confirmed its intention to float in London and Moscow, paving the way for a $1bn-plus IPO.

The spectre of imminent US-led sanctions against Russia has reappeared following the controversial imprisonment of opposition leader Alexey Navalny. While some say “Fortress Russia” will survive with or without sanctions, others believe the country’s already isolated capital markets and its access to funding could come under intense strain, writes Mariam Meskin.

Mass arrests following protests in Russia over the last two weeks in defence of opposition leader Alexei Navalny have increased the likelihood of US sanctions on some of the country’s leading figures. However, market experts say that new sanctions would be unlikely to cripple the country’s markets, as they have done in the past.

Rating: Ba1/BB/BB+

Gazprom, the Russian state oil and gas company, this week sold a dollar bond amid growing concerns about US sanctions on the controversial Nord Stream 2 pipeline project, a wholly-owned subsidiary of Gazprom.