Russian banks turn to HK to refinance debts of companies
Russian corporates have a hard time issuing US dollar bonds because of the US and European sanctions
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Hong Kong
RUSSIAN banks hobbled by sanctions are exploring funding sources in Hong Kong to help the nation's companies refinance US$117 billion in external debt due in the coming year.
OAO Gazprombank, Russia's third-largest lender, is applying for licences to offer securities services in the city, while Vnesheconombank and OAO Sberbank said they are monitoring opportunities. The yield on October 2015 yuan bonds of VTB Bank JSC, the nation's second-largest, was 8.04 per cent on Tuesday, 121 basis points below its similar ruble debt. Moscow Exchange forecast last week that Russian companies and banks will list yuan-denominated bonds on its bourse.
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