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4 Декабря 2012

Russian Euro Bond Issuance Hits Record High in 2012

By Sarka Halas

Russian euro bond issuance hit a record high this year and has more than doubled from the volume seen last year as investor appetite for emerging market debt remains insatiable, data from Dealogic showed Tuesday.

The report shows that in a bumper year for emerging market debt, Russian volumes currently stand at a record $46.1 billion year-to-date, more than double the $21.7 billion issued over the same period in 2011.

Russian companies and banks started piling into the euro bond market after the government sold 5-year, 10-year, and 30-year debt in international markets back in March--effectively setting benchmarks and opening the market for Russian companies to follow.

Last month, oil and gas giant Rosneft OAO (ROSN.RS) came to the market with a hefty $3 billion, two-part bond [what was demand like?]. On the financial side, both quasi-sovereign and private Russian banks have been busy issuing both senior and subordinated debt ahead of the adoption in part of Basel III capital rules. Lower tier-2, or subordinated debt, is riskier because it sits low in a bank's capital structure.

Russia accounts for 28% of total international issuance from the Central and Eastern Europe, Middle East and Africa region so far this year, and is at its highest share since 2008, when it had 35% of the CEEMEA pie, according to Dealogic.

Driving the demand for Russian debt is investor appetite for emerging market debt in general. In an era of historically low interest rates in the developed world, it's the emerging markets that are still able to provide investors with some pickup in yield.

According to a note by Morgan Stanley, the robust primary market activity in emerging market corporates and financials has occurred on the back of strong inflows into the broader emerging market asset class, "a trend that is likely to remain as global diversified portfolios reallocate towards emerging markets."

Russian bank, VTB Capital is the lead bookrunner for international Russian issuance in 2012, with a 16.6% market share for the year so far.

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