Industry News

Industry News

Showing 1033-1056 of 32694 news items
 
Filter By

Russia Makes Bond Payment, Avoids Default – Finance Ministry 2 hours ago Andrei Nikerichev / Moskva News Agency Russia has completed a closely watched bond payment, the Finance Ministry said Thursday, avoiding what would have been the country’s first default on its foreign debt obligations in more than a century. “A payment order for the payment of coupon income on the Russian Federation’s external bond loans … in the total amount of $117.2 million … was sent to a foreign correspondent bank on March 14, 2022 and has been executed,” the Finance Ministry said in a statement. Russia had previously touted the idea of defaulting on its government debt in response to the imposition of tough Western sanctions, including the freezing of around $300 billion of Russia’s Central Bank reserves. Finance Minister Anton Siluanov raised the prospect of either paying bond holders in rubles — which investors largely agreed would constitute a technical default, as it is not allowed under the terms of the bond contract — or issuing the order to pay the bonds out of the country’s frozen assets. NEWS Russia Says West Trying to Push it Into Default READ MORE “Russia blinked. It used resources in its limited war chest, beyond the reach of Western sanctions to make the payment,” said Timothy Ash, a senior emerging markets strategist and government debt expert with Blue Bay Asset Management. “Guess Russia realized the price of default was much larger.” It remained unclear whether bondholders had received the payments Thursday morning, which had not arrived by the original due date of Wednesday evening, investors said. In its statement the Finance Ministry said it would provide an update later as to whether the funds had been credited. The Russian government later said that the payment had been "fulfilled" in U.S. dollars. In a statement on its official Telegram channel, the government added: "there are no problems with servicing the national debt." The payments, due Wednesday, were the first major installments due on Russia’s foreign debt since it invaded Ukraine, and seen as a crucial indicator of Russia’s commitment to continue servicing its international financial obligations. Echoes of 1998 — when Russia last defaulted on some of its debt — have swirled as the invasion and subsequent sanctions have pushed the Russian economy to the brink of a deep crisis. That year, Russia defaulted on its locally issued debt; the last time Russia failed to pay international bondholders was after the Bolshevik Revolution in 1917. International investors have reduced their exposure to Russian government debt since Moscow annexed Crimea in 2014, and Moscow owes less than $20 billion in foreign currency to foreign investors, according to calculations by the Institute of International Finance. Meanwhile, Russian corporates — including state-owned hydrocarbon giants like Gazprom — have around $100 billion in outstanding hard currency loans, investment bank JP Morgan estimates. Sign up for our free weekly newsletter covering News and Business. The best of The Moscow Times, delivered to your inbox. Read more about: Economy , Sanctions

Russia/CISEurope

Deutsche Bank hired a U.S. MD, but Europe is the bigger focus 1.

Investment BankingUSManaging Director

Saudi Arabia’s real GDP grows 3.2% in 2021

EquitiesAsset ManagementMENA/GCCSaudi ArabiaRiyadh

Saudi’s Capital Markets Authority approves two more IPOs

Investment BankingCorporate BankingMENA/GCC

Mideast Stocks: Higher oil prices lift Gulf markets, Qatar outperforms

EquitiesMENA/GCCDubai

Russia says bond payments sent in default stand-off

EquitiesPrivate DebtRussia/CIS

Brazil forecast to raise interest rates further in effort to tame inflation

EquitiesInvestment BankingPrivate BankingLATAMSao Paulo

Default looms as Russia hits deadline for dollar bond payments

EquitiesPrivate BankingRussia/CISEurope

UAE’s Masdar announces start of construction for solar PV plant in Azerbajian

Private EquityInvestment BankingMENA/GCC

US Federal Reserve hikes rates for first time since 2018 as lift off begins

EquitiesPrivate BankingInvestment BankingUS

Ukraine and Russia draw up neutrality plan to end war

Russia/CISEurope

Easing fears over Chinese economy lift London’s indexes

EquitiesEuropeLondon

Russia Debt Payment Due Amid Default Fears Over Ukraine Sanctions

Russia/CIS

DEWA IPO, “valued between $27 billion and $37 billion”, will be first of 10 big upcoming listings on the DFM: expert

Private EquityInvestment BankingCorporate BankingMENA/GCCDubai

U.K. Workers Face £20 Billion Stealth Tax Due to Inflation Spike

Private EquityPrivate BankingEuropeLondon

UBS Has a New Landlord at London Headquarters

Asset ManagementEuropeLondon

MENA construction industry revs up with $156bln in 2021 awarded projects

EquitiesInvestment BankingMENA/GCCSaudi Arabia

Rothschild Asset Management's New Switzerland Head

Asset ManagementPrivate BankingEuropeManaging DirectorZurich

Oil economy pushes Saudi GDP to 6.7% growth

FICCSaudi ArabiaRiyadh

Piling Concerns Brutalize Chinese Equities

EquitiesPrivate EquityAsia

Barclays' VXX price jump drives double-digit gains for volatility arbitrage fund

Investment BankingUS

For Russia's Small Businesses, Instagram Ban Deals a Huge Blow

FICCInvestment BankingRussia/CIS

List of Bear Markets Grows as Global Stocks Erase $12 Trillion

Private EquityEquities

ECB Sees Economic Spillover Risks for Banks From Russia Turmoil

Private EquityEuropeRussia/CIS