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North Korea is making billions of dollars a year from supplying Russia with weapons
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Russian corporate issuers placed $6.9bn worth of Eurobonds in 14 deals in January-June 2019, almost as much as $7.8bn in 18 issues placed in 2018 overall, Vedomosti daily said on July 31 citing a study by PwC. The average issue size is up to $494mn versus $460mn in 2018.
However, Russian issuers still lag behind the 2017 results, when a total of $20.6bn in Eurobonds was placed in 41 issues averaging $503mn.
As reported by bne IntelliNews, this year the Finance Ministry also tapped the foreign debt market, already exceeding its $3bn Eurobond issuance plan for 2019. The ministry raised $2.5bn dollar-denominated Eurobonds maturing in 2029 and 2035 on June 20, following March placement of $3bn and €750mn.
Higher activity of large Russian issuers is attributed by PwC and analysts surveyed by Vedomosti to relative calm is sanction rhetoric after a turbulent 2018. A number of blue chip issuers in Russia also have recovered investment-grade ratings from all "big three" rating agencies.
At the same time Emerging Marking assets were in favour this year, driven by prospects of lower interest rates by the US Fed. Should such market conditions prevail, more deals are expected in autumn, although reaching $20bn in Eurobonds issued in 2017 is seen as unlikely.
In the local market Russian companies borrowed RUB1.5 trillion in 2019 so far, which makes another $25bn.
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