The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Table-topping VTB moves to a new phase

VTB Capital has built a powerhouse capital markets business in Russia. Can it become just as influential elsewhere?

A doctored version of a 1920s, Red Army recruitment poster is plastered on Andrey Soloviev’s door. A Soviet soldier points his finger out sternly at the viewer. In the background, lines of factories billow with smoke.

In the amended version, however, VTB Capital’s head of DCM does not seek enlistment (or at least, not in the army). Instead, the soldier demands of the visitor to Soloviev’s office, in one of Moscow’s newest skyscrapers: "Have you brought the mandate?"

Luckily for Soloviev, most of the time these days, the answer seems to be yes. In its four-year history, VTB Capital has soared up the league tables in Russia, particularly in Eurobonds and equity capital markets. In 2011, the DCM team alone closed 13 Eurobond deals and 45 domestic bonds in the year to November 30, according to Dealogic.

Having gone from around 100 employees in 2008 to around 1,000 today, VTB Capital is now number one in the league table for Russian domestic debt, with more than twice the number and volume of deals as its nearest rival.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?