A SUPPLEMENT TO EUROMONEY – APRIL 1997
Contents
Passing the point of no return
Eastern Europe has had a roller-coaster ride in its transition to the free market. But it’s increasingly clear that the process is irreversible.
Nigel Dudley
If you haven’t noticed-I’m back
Anatoly Chubais is the greatest beneficiary of Yeltsin’s latest reshuffle. But that doesn’t guarantee that reforms will continue.
Sophie Röell
An easy story to sell
Demand for Russian shares is outstripping supply. Foreign investors must wait until 1998 for Russian companies to surmount legal and accounting barriers.
Sophie Röell
The year of the bond
Russia’s debut Eurobond last year will lead the way for several companies and cities to issue abroad in 1997.
Sophie Röell
Pressure on the system
New settlement systems and western-style custody arrangements are the keys to restructuring the Russian equity market.
Brad Durham
Rostelecom looks to the capital markets
Whether Russia’s top blue-chip company issues bonds or equities this year, foreign investors are sure to find the paper attractive.
Finance begins at home
Russia’s treasury bill sector has grown from nothing to a $40 billion market in three years. Now it’s opening up to corporate and municipal borrowers.
Sophie Röell
Moscow leads the way
Issuers from the Russian capital are expected to be the first to benefit from the sudden demand for Russian debt.
Sophie Röell
Open all hours
Over the counter derivatives on eastern European securities are taking off but that’s not helping the region’s nascent futures exchanges.
Theodore Kim
Rich man, poor man
Moscow has eclipsed St Petersburg in the race to be Russia’s pre-eminent municipal borrower.
Craig Mellow
Stretching Hungary’s debt
Low inflation and a declining budget deficit make ideal conditions for corporate bond issues.
Henry Copeland
Charge of the greenhorns
This year, Romania will launch its largest Eurobond issue since the overthrow of communism.
Laura Covill
Now for a real privatization
Romania’s bank privatization programme is picking up speed. Only potential buyers and laws permitting sales to go ahead are missing.
Laura Covill
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