VTB Capital
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Russia’s State Transport Leasing Company (STLC), is planning to add to the spree of new bonds from Russia, hitting the road to market a six or seven year dollar benchmark. The deal will be the first time a fully state-owned company has tried to tap the bond markets since the most recent round of US sanctions against the Russian sovereign in early August. -
The first deal of the September rush set an impressive bar for a rush of borrowing from its peers in the commodities sector. Russia's Severstal pulled off an $800m five year bond priced flat to its curve, achieving the lowest yield ever for a corporate from the region.
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Severstal, a Russian steel manufacturer, hit screens on Monday morning with a five year dollar benchmark.
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Eurochem, a fertiliser company registered in Switzerland, hit screens last week for a pair of rouble-denominated bonds, raising a combined Rb20bn at a level inside its curve.
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Russia saw more than $8bn of orders at peak demand for a tap of its 2029 and 2035 Eurobonds, with the sovereign getting such a rapturous response that it paid zero to negative new issue premiums.
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The Russian Federation was set to increase its 2029 and 2035 dollar bonds on Thursday evening as the risk of further US sanctions against the country recedes and the prospect of lower of US interest rates increases demand for the debt. A $7bn combined book had been built for the taps.
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The Russian Federation is to increase its its 2029 and 2035 dollar bonds as the risk of further US sanctions against the country recedes and the prospect of lower of US interest rates has increased demand for the debt.
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If the date of one major capital markets event in Russia is anything to go by, the locals have given up on attracting US investors all together.
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GeoProMining Group, a mining company operating in Russia and Armenia, announced its first ever bond on Thursday — a Reg S dollar five year.
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Russian Railways launched the first international green bond from its home country on Thursday, a €500m eight year bond. While many emerging market investors were keen to look at the paper, despite the US considering a new round of Russian sanctions, several green investors disliked the company’s ESG enough to not participate.
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Books for Russian Railways’ eight year euro green bond had breached the €1.4bn mark by lunchtime on Wednesday, allowing leads to tighten pricing. A banker away from the note said the levels offered looked fair.
