Supply and demand have not been in balance for about a year as far as Russian bonds are concerned so I don't think they will have to pay much new issue premium. A bit to entice investors would be nice but 40-50 bps, probably we won't get that.

Claudia Calich

Categorized in : Company News

We are still transitioning to an environment with lower commodity prices and higher financing costs, we haven't finished with this process but valuations are improving. It won't be an easy year but if you manage your risk properly, there are opportunities.

Russian companies have deleveraged considerably, they are cash flow positive, from a bondholders' perspective that's a good thing.