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Weekly Lists
November 30, 2018 www.intellinews.com I Page 30
bne:Credit
Russia sells €1bn bonds despite Azov crisis
Russia placed €1bn worth of seven-year bonds under close subscription yielding 3%, with foreign investors accounting for 75% of the placement, Reuters said on November 28 citing the deputy head of VTB Bank Yury Solovyev.
The issue tested the strength of investor appetite amid the military crisis in the Azov Sea that started on November 25 and saw the ruble tumble in value against the dollar and federal OFZ treasury bonds rates fall the next day. Last time the finance ministry placed Eurobonds was in 2013 when it issued seven-year bonds worth €750mn at 3.625% yield.
"Despite high market volatility and complicated political situation, the placement was in high demand among foreign investors," according to Solovyev.
Turkey, beset by its currency crisis and a credit crunch, has moved from top five to bottom of a Bloomberg list of attractive emerg- ing markets in the past six months as economic growth prospects weakened.
The scorecard of 20 developing nations is based on a range of metrics, including predictions for gross domestic product and the current account, sovereign ratings and stock and bond valuations.
“In a similar scorecard done almost six months ago, Turkey was ranked No. 5,” Bloomberg noted on November 27. Asian econo- mies, with sufficient buffers to counter headwinds like Federal Reserve policy tightening, outshone the rest in the ranking. Malaysia took the No. 1 spot.
Cash-strapped Belarus is going to raise $2bn via Eurobond place- ments in 2019-2020, according to a special decree inked last week by the nation's President Alexander Lukashenko.
Belarus tapped the international debt market in February for the first time this year with a new $600mn issue of 12-year Eurobond with 6.2% coupon following January's drop in the nation's foreign exchange reserves by 11.5% month-on-month, to $6.477bn.
According to officials in Minsk, the country expects to receive a $1bn loan from Russia as an inter-governmental loan soon.
In six months Turkey falls from top five
to last place on Bloomberg list of attractive EMs
Belarus seeks to raise $2bn via Eurobond placements in 2019- 2020