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ВТБ Капитал наиболее активен в Азии за пределами российского рынка долгового капитала

13 Октября 2015

Asia is busiest region for deals after Russia; VTB Capital participated in seven China Eurobond deals in past 18 months, Andrey Solovyev, Global Head of DCM at VTB Capital in Moscow, says in interview.

VTB Capital conducts most international DCM deals via London office. If Russia sells debt on domestic yuan market, this would open way for quasi-sovereign corporate borrowers.

It’s difficult for foreign corporate borrowers to enter domestic yuan market right now because of “high” level of regulation. Islamic debt isn’t priority because rates on sukuk would be higher than traditional securities, investor circle for such debt is limited.

New corporate Russian Eurobonds won’t exceed size of Norilsk and Gazprom Eurobonds and could be about $500m+, Andrey Solovyev, Global Head of DCM at VTB Capital in Moscow, said in interview.

Cos linked to natural resources may issue Eurobonds before end of the year. Investors, companies are watching geopolitical developments; Solovyev hopes for softening of limits on borrowing next year.

Finance Ministry realized yield of CPI-linkers was “rather high,” wanted to attract foreigners, banks. Russia will sell remaining 75bn rubles of CPI linkers in several small amounts to gain benefit from increased value of bonds. Russian corporates who want to sell CPI linkers will need to get used to higher cost of borrowing.

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