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August 2, 2019 www.intellinews.com I Page 3
But as the founders and shareholders of Yandex reportedly refused to negotiate with the state-controlled bank and made changes to the shareholder structure, no deal followed. The relations between the two companies worsened.
Russian issuers place $7bn Eurobonds in 1H19, almost beat 2018
As reported by bne IntelliNews, this year the Finance Ministry also tapped the foreign debt market, already exceeding its $3bn Eurobond issuance plan for 2019. The ministry raised $2.5bn dollar-denominated Eurobonds maturing in 2029 and 2035 on June 20, following March placement of $3bn and €750mn.
Higher activity of large Russian issuers is
In 2019, Sberbank preferred Rambler Group to Yandex as the main online media platform for its growing digital ecosystem, this month moved to boost rival Mail.ru group in taxi and food delivery segment, and reportedly could break up Yandex. Market joint venture with Yandex.
attributed by PwC and analysts surveyed by Vedomosti to relative calm is sanction rhetoric after a turbulent 2018. A number of blue chip issuers in Russia also have recovered investment- grade ratings from all "big three" rating agencies.
At the same time Emerging Marking assets were in favour this year, driven by prospects of lower interest rates by the US Fed. Should such market conditions prevail, more deals are expected in autumn, although reaching $20bn in Eurobonds issued in 2017 is seen as unlikely.
In the local market Russian companies borrowed RUB1.5 trillion in 2019 so far, which makes another $25bn.