Emerging Markets, Emerging Russia, Emerging Views
By Ivan Anderzhanov in Moscow
The investment banks VTB Capital and Morgan Stanley have completed a $526m SPO placing primary shares of the Russian retailer Magnit as well as the shares of existing shareholders.
VTB said a wide range of UK, European and US institutions participated in the offering with the book oversubscribed at the top of [...]
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By Jason Corcoran in Moscow
Russian oil giant Lukoil has returned to the debt capital markets for the first time in 18 months yesterday with a bumper $1.5bn Eurobond deal arranged by Barcap, Royal Bank of Scotland and ING.
Lukoil priced two tranches of debt, maturing in five and 10 years. The five-year tranche, worth $900m, priced [...]
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By Ivan Anderzhanov in Moscow
Top City of London law firm Simmons & Simmons is withdrawing from Russia just two years after launching its Moscow office.
The news comes as Benelux financial services group Fortis disclosed it was pulling out of the Russian insurance market and not long after French retail giant Carrefour announced it had thrown [...]
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By Ivan Anderzhanov in Moscow
The RTS Stock Exchange will start calculating the RTS Index on a different basis from November 2 by taking into account stock prices revealed by the bourse’s RTS Standard market.
Since the launch of RTS Standard, a new cash equities market, in April 2009, market participants have demonstrating constantly increasing activity on [...]
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By Jason Corcoran in Moscow
Benelux financial services group Fortis said yesterday it would withdraw from the insurance market in Russia.
Fortis employs about 70 people in Russia. It is not yet known whether the group’s decision will affect is joint asset management venture set up in 2007 with Russia bank KIT .
In a statement, Fortis said [...]
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By Ivan Anderzhanov in Moscow
RBC Information Systems has agreed with creditors to restructure $208m in debt, which is expected to pay the way for billionaire Mikhail Prokhorov to buy 51% of the media group.
According to a report in Kommersant, RBC will convert half of the debt into five-year bonds with a 7% coupon. The rest [...]
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By Ivan Anderzhanov
The MICEX Group and the Istanbul Stock Exchange (ISE) have signed a memorandum of understanding today to cooperate with each other and to foster a relationship between for the benefit of Turkish and Russian securities markets.
Within the framework of the MoU, the two exchanges intend to organise regular meetings between senior executives and [...]
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By Julia Bushueva, strategist at Unicredit Securities
Last week’s decision by the Brazilian government to reintroduce a 2% tax on foreign investment in local stocks and bonds in order to prevent bubbles and cool down the market is likely to boost trading in Brazilian ADRs, we believe, but may divert cash to the Russian stock market, [...]
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By Ivan Anderzhanov in Moscow
Germany’s Commerzbank is making preparations to enter Russian retail banking, according to a report in German newspaper Handelsblatt.
The bank acquired 15% in Russia’s Promsvyazbank in December 2006 and has been rumoured to be considering further acquisitions ever since.
German rival Deutsche Bank is also plotting its move into the retail market.
Deutsche Bank [...]
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By Ivan Anderzhanov in Moscow
Russian and CIS equity funds have pulled in $450m net in the week to October 21 which is the highest level since data provider EPFR started tracking funds in early 2002.
The intake for Russian funds even exceeded flows to China ($182m) and Brazilian funds ($387m).
All emerging funds registered total inflows of [...]
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By Jason Corcoran in Moscow
State development agency VEB is in talks with the Finance Ministry over flipping its estimated $7.8bn porfolio of stakes in Russian blue-chips back onto the stock market.
Vedomosti today quoted a source close to VEB as saying that it would be rational for the agency to gradually sell shares in small portions [...]
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By Ivan Anderzhanov in Moscow
Russia is to received a $4bn loan from the Bank of New York after dropping a $22.5bn lawsuit against the US financial services group.
Finance Minister Alexei Kudrin insisted the discounted loan was not part of a deal to drop the decade long money laundering charges against the Bank of New York.
The [...]
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