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☆ Russian lender Sovcombank eyes valuation of up to $2.5 bln post-IPO
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

A view shows a board with the logo of Sovcombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. REUTERS/Maxim Shemetov Acquire Licensing RightsMOSCOW, Dec 1 (Reuters) - Russian lender Sovcombank said on Friday it expects a market capitalisation of 200-219 billion roubles ($2.24-$2.46 billion)after its initial public offering (IPO) on Moscow Exchange later this month, the latest in a small flurry of Russian market debuts. Sovcombank said it has already received offers for half of the expected overall offer size from a number of major Russian institutional investors to participate in the IPO. Russian companies have raised around 29 billion roubles this year through IPOs, with listings characterised by small volumes and the presence of domestic retail investors. Pawn broker Mosgorlombard also announced its intention to list on Friday, expecting a free float of 36% after an early-December debut.

Persons: Maxim Shemetov, Sovcombank, Dmitry Gusev, Mosgorlombard, Elena Fabrichnaya, Alexander Marrow, Guy Faulconbridge, Susan Fenton Organizations: St ., Economic, REUTERS, Rights, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Moscow, Ukraine, IPOs

☆ Russia's sanctioned Sovcombank requests US licence to make UN climate payments
▼ + stars: | 2023-11-23 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

A view shows a board with the logo of Sovcombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. "We have funds in foreign currency for these payments, but we have not received any response from them yet, unfortunately." Avtukhov said Sovcombank was in dialogue with the UN on the matter. "We have not suspended our membership in international organisations," Avtukhov, who also sits on Sovcombank's board, said. There are certain difficulties with making payments in general for Russian participants of this programme," Avtukhov said.

Persons: Maxim, Sovcombank, Mikhail Avtukhov, Avtukhov, Elena Fabrichnaya, Alexander Marrow, Kirsten Donovan Organizations: St ., Economic, REUTERS, U.S . Treasury, United, Reuters, European Union, Foreign Assets, United Nations Environment, Finance Initiative, U.S, Treasury, UN, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Ukraine MOSCOW, Russian, United Nations, Sovcombank, Ukraine, Washington, Moscow

The central bank's sharper-than-expected rate hike to 15% in late October also helped the rouble hit a three-month high of 91.6225 this week. None of the analysts polled now see inflation reaching the lower end of the central bank's 4-4.5% forecast for inflation next year. Russia has steadily worsened its 2023 inflation forecast and analysts now see price rises ending the year above 7%. Analysts raised their expectations for Russia's gross domestic product (GDP) growth to 2.5% this year, from 2.3% in the previous poll. GDP growth in 2024 is seen at 1.5%, dropping to 1.3% in 2025.

Persons: Vladimir Putin, Putin, Mikhail Vasilyev, Alexander Marrow, Andrew Cawthorne Organizations: Bank of, Analysts, Thomson Locations: Russia, Bank of Russia

By 1417 GMT, the rouble was 0.4% stronger against the dollar at 93.57 , earlier reaching 92.5100, its strongest point since Sept. 12. "We expect that by the end of the year the rouble exchange rate will be trading in the range of 94-98 per dollar, 99-104 per euro and 12.8-13.4 per yuan," Vasilyev said. CURRENCY CONTROLSMonth-end tax payments, due on Oct. 30, which usually see exporters convert foreign exchange (FX) revenue to pay domestic liabilities, have supported the rouble in recent days. The rouble has strengthened from beyond 100 to the dollar since the decree was announced. "The specific impact of currency restrictions on the dynamics of the exchange rate will be insignificant in our opinion," she said.

Persons: Mikhail Vasilyev, Vasilyev, Yevgeny Suvorov, Suvorov, Vladimir Putin's, Elvira Nabiullina, Brent, Alexander Marrow, Mark Potter, Christopher Cushing, Deborah Kyvrikosaios, Gareth Jones Organizations: Bank, Bank of Russia, FX, Reuters, Thomson Locations: Russia, Ukraine MOSCOW, Moscow, London

☆ Top shareholder of sanctioned Russian lender to buy back Eurobonds at discount
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Summary This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Feb 6 (Reuters) - The majority shareholder of sanctioned Russian private lender Sovcombank plans to buy back all the bank's outstanding Eurobonds, worth more than $700 million, Sovcombank's first deputy chairman Sergei Khotimsky told Reuters on Monday. The shareholder, Sovco Capital Partners, hopes to buy back four issues, all denominated in U.S. dollars and maturing in 2030. "We are talking about a price of around 40% of face value, which corresponds to market price levels for Russian bonds in foreign infrastructure," he said, adding that investors in Russian assets and Russians holding assets abroad had all suffered because of sanctions. Foreign investors from countries Russia considers unfriendly are successfully offloading billions of roubles worth of local debt holdings, selling the government's OFZ treasury bonds at a steep discount, two financial market sources told Reuters last month. Reporting by Elena Fabrichnaya Writing by Alexander Marrow Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

All 23 analysts and economists polled by Reuters on Monday predicted that Russia would keep its benchmark rate unchanged (RUCBIR=ECI) again on Friday. There is no intrigue surrounding Friday's rate decision, said Dmitry Polevoy, head of investment at Locko Invest. "The 7.5% rate is unlikely to be changed and the neutral signal maintained," he said. Annual inflation slowed to 11.98% in November, partly due to the strong rouble and weak demand. "Inflation is slowing down now, but not sharply," said Andrei Dyuryagin, investments director at MKB Investments.

☆ Battling high inflation, sanctions, Russia to resume rate-cutting next year - Reuters poll
▼ + stars: | 2022-11-03 | by ( Alexander Marrow | ) www.reuters.com time to read: +3 min

The average forecast among 14 analysts polled in early November suggested the Russian economy was on track to shrink by 3.5% this year. Data published this week show a deeper contraction in retail sales in September, while businesses have seen sharp drops in employment. In January, before the conflict in Ukraine began, analysts had on average expected the economy to grow by 2.5% with year-end inflation at 5.5%. Russia targets inflation at 4%. Reporting by Alexander Marrow and Elena Fabrichnaya; Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Since then, the central bank has cut rates six times, most recently to 7.5% last month. Register now for FREE unlimited access to Reuters.com RegisterTwenty-two of 26 analysts and economists polled by Reuters on Monday predicted that Russia would keep its benchmark rate unchanged (RUCBIR=ECI) on Friday. President Vladimir Putin's partial mobilisation order and subsequent declaration of martial law in four partly-occupied regions of Ukraine that Russia says it owns have exacerbated geopolitical risks. Economic activity slowed significantly at the end of September, the central bank said this month. "Stimulating growth of retailer and corporate lending by lowering the rate is currently pointless, in my view."

☆ UK sanctions Russians linked to 'sham' referendums in Ukraine
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Ukrainian Presidential Press Service/Handout via REUTERSLONDON, Sept 26 (Reuters) - Britain on Monday announced a new package of sanctions linked to what it described as Moscow's "sham" referendums on four regions of eastern Ukraine joining Russia. Citizens in four regions of Ukraine were voting for a fourth day on Monday in Moscow-organised referendums, a plan Kyiv and the West have branded a sham. "Today's sanctions will target those behind these sham votes, as well as the individuals that continue to prop up the Russian regime's war of aggression." Britain said those sanctioned included 55 board members and directors from organisations the government said "continue to bankroll the Russian war machine". Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MacLellan and William James; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

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