Monday, Jun 22, 2009
Russia will get its first corporate sukuk, or Islamic bond this year, in an effort to attract oil-rich Gulf investors to the country, according to the arranging bank.
"We've been mandated on the sukuk and we're targeting this autumn," Yuri Soloviev, president and global chief executive officer of Russia's VTB Capital told Zawya Dow Jones in an interview in Dubai Sunday. "There's a huge pool of liquidity in the Gulf waiting for a Shariah-compliant investment opportunity in Russia."
Soloviev declined to give further details on the company issuing the bond. VTB Capital, the investment banking arm of VTB Group (VTBR.RS), has just been granted a license to operate in Dubai.
"Russia offers tremendous investment opportunities in petrochemicals, agriculture, utilities and hospitality sectors," he said.
VTB Group is Russia's second largest bank overall and its largest corporate, commercial bank. It is listed on the London Stock Exchange and on the main RTS and MICEX exchanges in Russia via a global IPO in 2007. Its current market cap is around $10 billion.
Head of Press