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

29 November 2018

Russia’s Euro Pick Avoids Red Rag to U.S. Treasury: VTB Capital

"When you borrow in euros, you don’t wave a red rag in front of the U.S. Treasury," Andrey Solovyev, global head of debt capital markets at VTB Capital, tells reporters in Moscow.

  • Banks bought 64% of the 1 billion euros of debt, funds acquired 27%, pension funds took 7%, while other investors accounted for 2% of the sale

  • Investors who didn’t participate in Russia’s March dollar placement, including Germans, bought the euro bonds

  • There won’t be any further international offerings this year, investors have bought everything they wanted, Solovyev says

  • Many corporations eyeing international markets next year, lots of attention expected on the euro, changes in euro rates not expected

  • Companies also considering offshore yuan; still, market capacity is small and there’s little urgency, so interest will be limited

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