EEMEA market round up: Credit markets reopen for Russians
Leading Russian corporates Gazprom and Evraz both attracted strong support for Eurobond issues in April. Gas company Gazprom sold a $1.5 billion five- and 10-year deal via Citi and Morgan Stanley; steel producer Evraz sold $1.6 billion of five- and 10-year paper via ABN Amro, Calyon, Deutsche Bank, and UBS. Both issues were heavily oversubscribed and performed well in aftermarket trading. VTB, the country’s second-biggest bank, is set to follow with a $1 billion issue, the first in a series of transactions that will involve it seeking $4 billion of foreign funding this year.