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        issue bonds for their investment programmes. Ukraine's natural gas monopoly Naftogaz also raised $500mn​ via a seven-year Eurobond at the start of November and other big state-owned enterprises (SOEs) are expected to come to market in the coming year.
But as usual the Russian issuers accounted for the largest part of October’s Eurobond issues. Russians have issued a total of $19.6bn over the first ten months of this year, which is already more than the $13.1bn raised in all of 2018 but behind the $27.3bn raised in all of 2017 – the banner bond year.
In Russia’s case March was an even more active month than in all the CIS accounting for just under a third (31.1%) of all issues, while June, September and October were all active months accounting for around 15% each of the total bonds issues YTD.
The issuers are an assortment of leading Russian bluechips from banking, telecoms and metal and mining, who were raising cash for their capex programmes.
     Top CIS issues in Sep 2019
                Issue
Currency
Volume
$mn
Lead Managers
                    Norilsk Nickel,
USD
750
  3.375% 28oct2024,
 USD
Societe Generale, Gazprombank,
ING Bank, Sberbank CIB, VTB
 Capital and others
                  VEON Holdings,
4% 9apr2025, USD
USD
700
Citigroup, HSBC, JP Morgan,
  Societe Generale
                 Metinvest, 7.75%
USD
500
Deutsche Bank, UniCredit, Natixis
 17oct2029, USD
                  Uralkali, 4%
USD
500
Natixis, Renaissance Capital,
  22oct2024, USD
UBS, UniCredit, VTB Capital,
 Sberbank CIB and others
                    Nord Gold, 4.125%
USD
400
  9oct2024, USD
Gazprombank, ING Bank,
Sberbank CIB, VTB Capital and
 others
        source: Cbonds
 The foreign share of investors into the Russian Ministry of Finance ruble-denominated OFZ treasury bills reached 32% in November ​as foreign investors increased their share again increasing their holding to RUB2,837bn ($44.2bn) worth of the bonds from a total of RUB8,860.
At the same time the rates on the OFZ have been falling steadily. During last year’s sell off the yield climbed to over 9% but since enthusiasm for the OFZ returned this year as fears of new US sanctions receded the yields have also fallen to under 8% now.
 88​ RUSSIA Country Report​ December 2019 ​ ​www.intellinews.com
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