Page 128 - RusRPTMar23

According to BCS World Investments, the five largest issuers of unsubstituted Eurobonds are Gazprom (less than $13bn), Russian Railways ($5.8bn), Credit Bank of Moscow ($3.9bn), GTLC ($3.3bn) and Norilsk Nickel ($2.8bn).
Of these largest issuers, only Gazprom has issued substitute securities. Apart from Gazprom, substitute bonds were issued by Lukoil oil major, Metalloinvest iron and metals major, Sovcomflot shipping major, PIK real estate developer, and MMK metals major.
In total, about 140 issues of Eurobonds of Russian companies are in circulation as of February 2023, 27 issues were substituted, 16 of which were issued by Gazprom.
8.5.1 Fixed income - bond news
Foreign investors from countries Russia deems unfriendly have been offloading billions of rubles' worth of Kremlin OFZ treasury bonds at steep haircuts of up to 85%, bne IntelliNews can reveal. A year ago, Russia imposed restrictions on foreigners’ holdings in response to sweeping Western sanctions over its war in Ukraine, leaving many non-resident investors unable
128 RUSSIA Country Report March 2023 www.intellinews.com