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Interview by Andrey Solovyev, Global Head of DCM at VTB Capital, for Bloomberg

17 January 2017
Bloomberg
Russian Corporates to Sell More Eurobonds This Year: VTB Capital
  • “The volume of issuance will be considerably higher than last year,” Andrey Solovyev, global head of debt capital markets at VTB Capital says in interview. 
  • VTB Capital expects first deals in January, primarily from corporates
  • New names will tap the market along with traditional issuers
  • International capital market “quite attractive for Russian issuers” and “investors already have a more positive view on Russian borrowers”
  • Investors will focus on companies operating in natural resources, infrastructure, energy
  • Higher rates will not close the market for Russian issuers
  • Many Russian issuers predicting restrictions will be eased
  • “It won’t happen immediately but if it does, it may open up the way for traditional borrowers on the sanctions list which have been away from the international capital markets”
  • Solovyev expects high demand for ruble Eurobonds as investors see upside in the ruble
  • Solovyev sees possible Eurobond issue from Russian government in currencies other than dollar
  • NOTE: Russian government and companies sold about $14 billion in hard-currency bonds last year, Bloomberg data

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