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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
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“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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