Russians parade through primary

摘要

The march of Russian corporates into the primary market shows no signs of slowing, with issuers emboldened by a stack of forthcoming redemptions putting money back into investors' hands and the likes of Norilsk Nickel slicing through fair value. The pipeline looks hectic, with Sberbank analysts saying around US$52bn of corporate Eurobonds from Russian issuers will mature during 2017-18, of which they expect US$26bn from non-sanctioned entities to be refinanced.