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Eastern Europe
April 13, 2018 www.intellinews.com I Page 20
of Rusal and other possibly sanctioned companies is on the agenda. "It is not excluded that PSB would absorb all debt of Rusal from Russian banks," Fitch Ratings analyst Alexander Danilov told the daily.
Rusal's debt stand at a solid $8.4bn, out of which 92% is US dollar denominated and thus toxic after the SDN List inclusion. Notably, Russia's leading bank Sberbank has a $4.2bn position on Rusal, with 26.6% of the company's share in Norilsk Nickel metals major as collateral.
Analysts surveyed by Vedomosti agree that short- term liquidity is currently the most urgent chal- lenge for Rusal, which will see export sales that account for 80% of revenues collapse, although
it is still not clear whether six of Rusal's offshore trading arms will be able to continue operations.
Rusal will inevitably see the output of aluminium hurt, threatening instability in cities that rely on the aluminium major as their main employer. Re-
portedly, the government stopped short of decid- ing to acquire excess supply of Rusal's aluminium for state reserves.
On April 11 in a separate report Vedomosti daily said that Ingosstrakh insurer is facing problems reinsur- ing Rusal and other businesses of Deripaska such as En+ and Russkie Machiny, as European reinsurers could block any compensation on sanctioned entities.
Reportedly Ingosstrakh wants to reinsure with the Russian National Reinsurance Company (RNPK), which is controlled by the Central Bank of Russia.
In possible positive news for Rusal, the company could still be able to receive its $600mn slice of $2.2bn dividends of metals major Norilsk Nickel for 2017, RBC business portal claimed on April 12, citing legal experts who suggest that dividend payments could count as "generalised benefit" rather than "significant transaction" now sanc- tioned by the US Treasury. "
April 19–20, 2018, London
VII Cbonds Emerging Markets Bond Conference
About the event
Cbonds Emerging Markets Bond Conference is the established annual meeting place for anyone involved in EM bond market! Bringing together over 200 attendees annually, it is the only event where you can take part in engaging discussions, hold productive meetings and establish new contacts with a wide range of EM investors.
This year key sessions will feature reputed speakers on macroeconomic issues, FI analysts, representatives of DCM and managers, who will share their predictions on capital market conditions and discuss up-to-date investment ideas in the EM fixed income world.
Join us to access the industry’s decisionmakers in one place!
The main topics:
• Global macro & fixed income panel; • Institutional investors panel;
• DCM panel;
• Special sections: Latin America, Middle East, Africa, Russia, Ukraine, CIS and Caucasus region states
Contacts
Sponsorship:
Sergey Zobov: szobov@cbonds.info, +7 (812) 336-97-21 *103
Participation:
Ksenia Ardelyan: ka@cbonds.info +7 (812) 336-97-21 *132