It now looks like there will be a serious hangover after last year s scramble by Russian issuers to place Eurobonds. Other major utilities with currency-denominated liabilities, such as Mosenergo, Irkutskenergo and Rostelecom, face a similar squeeze, but will in our view prove more resilient, and oil companies with forex liabilities should also be able to ride it out after the large ruble devaluation. With Russian sovereign debt trading at default levels and the country s financial crisis getting ever deeper there is little chance of corporate issuers gaining a foothold in the market within the next 12 months. Reuters, RMG estimates The information contained herewith is based on information made available to the public and is for information purposes only. Information sources are deemed reliable by RMG Securities, however RMG Securities abstains from any liabilities determined from the information herewith.
Analysis is based on dated market information and is subject to change.