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Sovereign wealth funds

Sovereign wealth funds

An in-depth look at the state-owned sovereign wealth funds that dominate the attention of the world's financial markets

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Skip Navigation LinksHome :: Back Issues :: Russia: Denholm Hall gets Sharpe with rouble debt

May 2007

Russia: Denholm Hall gets Sharpe with rouble debt

George Nianias talks to Guy Norton about the challenges of unearthing corporate debt opportunities in the far-flung reaches of Russia.




Russia: Mint Capital takes a fresh approach to private equity
How RAB planted the seeds of Russia’s rural recovery
Russia’s hedge fund managers: The long, the short and the tall

"As a smart lender we only take on smart borrowers"
George Nianias, Denholm Hall

IN THE WAKE of 1998’s financial melt down in Russia there are still investors for whom the thought of exposure to Russian gas company Gazprom in even dollar Eurobond format induces a cold sweat.

Even the comfort factor of Gazprom’s investment grade ratings, the tried-and-tested legislation governing Euromarket issuance and the fact that the company is effectively an extension of the again mighty Russian state would still cause them palpitations. So the thought of rouble-denominated credit exposure to an unrated hospital development in Kaliningrad seeking import finance would in all likelihood have an even worse effect. Ironically, though, buying into the deal for the...


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If the shoe was on the other foot, if these were sovereign wealth investors in France, Germany, the UK or the US earning fabulous returns, reducing national deficits, funding social security costs and investing into the rest of the world, would they think it was an issue? I suspect not

Simon Israel, executive director of Temasek, takes critics of the sovereign wealth funds head on

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  2. And for his next trick… Botín weaves his magic at Santander

  3. Hedge funds seek out Middle East alpha

  4. Board stupid

  5. Credit markets: Life after the crunch

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