Page 90 - RusRPTNov22

8.3.3 ECM news
Russian homeware goods retailer Williams et Oliver is considering an initial public offering in the next five years, the financial director of parent company Patriot Group said on Monday. Russia's IPO market has stalled since Moscow sent tens of thousands of troops into Ukraine in February but some companies are beginning to make tentative plans again, and cybersecurity firm Positive Technologies did a secondary public offering late last month. Williams et Oliver aims to increase annual revenue to 2.3bn roubles by 2025, from 861mn roubles in 2021, and boost net profit to 134mn roubles, from 61mn roubles. Revenue grew 47% in the first half of 2022, the company said.
8.4 International ratings
Russia - Rating agency
as of May 30, 2022
last change
Moodys (USD rating)
Ca
06/03/22
Fitch (USD rating)
Ca
08/03/22
S&P
CC
17/03/22
Following sanctions on professional services introduced in April the main ratings have all suspending their ratings for Russia which has an NR rating from all three of the big agencies. The last ratings were issued in March shortly after the war started and put Russia on “near default” across the board.
8.5 Fixed income
The non-resident share of the Russian Finance Ministry’s OFZ treasury bills has got stuck at 17.9% of the total RUB15.3 trillion ($250bn) of outstanding bills as of September, or $44.7bn of foreign funds that are now trapped in the market due ot the CBR’s ban on exporting hard currencies.
Share of foreign investments into OFZ peaked in March 2020 at 34.9% of the total RUB9.1 trillion outstanding bonds at the time.
At the same time foreign investors currently hold 49.6% of the $18bn worth of outstanding Russian Eurobonds that are traded on the international market, down from the peak of 57.5% in September 2020.
90 RUSSIA Country Report November 2022 www.intellinews.com