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09.04.2008 - MDM Comment: New issuance picking up

Following a relatively successful issuance by Gazprom and Georgia, we now see Kazakhstan-based Halyk hitting the market with a new 5.5-year bond. We are hearing that VTB may follow, more likely next week, i.e. after its 2007 results are released.
While the re-opening of markets may signal a better market sentiment, we continue to be cautious with regard to the longer-dated Russia/CIS corporate bond spreads. Even if risk appetite continues to improve (which is not our base case scenario), the avalanche of new issuance offering large premiums will likely push the secondary market spreads wider or at least preclude any tightening.

09.04.2008 16:17
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