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Russia: Fairy tale ending or start of a nightmare?

Euromoney has made it to the big screen!

The potential for huge profits may no longer be there but good opportunities can still be found. Louise Bowman reports.

"It’s not the quantum of what we pay people that’s changed. It’s the shape of the payments"

Consider the risks of personal injury if shoe throwing catches on.

Following the announcement that it intends to raise a jaw-dropping $220 billion from gilt sales to fund the UK’s budget deficit, the Debt Management Office said it would use new methods to distribute bonds to investors. These are the regular use of syndications and the continued use of mini-tenders. We at Euromoney thought it might be helpful to have a visual representation of one innovative suggestion from a reader.

Mubadala, the Abu Dhabi state investment fund, is considering launching its debut bond soon following a successful deal by the government last month. Details are scarce but the company has hired Citi, Goldman Sachs and RBS to arrange meetings with investors in the US and Europe.

Angola is to issue $8 billion of government bonds this year in the local currency, the kwanza, finance minister Severim de Morais has announced. The bonds, which will have maturities of between one and four years, will be used to finance the country’s reconstruction effort as revenue from oil and diamond exports plunges thanks to lower global prices. Sales will be to banks and to the general public, but it has not been made clear whether foreign banks will be able to buy the paper.

Poland has followed Mexico in seeking a precautionary credit line from the IMF. Prime minister Donald Tusk said that the country was interested in a one-year facility for $20.5 billion. The line was created as part of a revamp of the IMF’s lending facilities announced in March. It is a type of insurance policy for strong developing countries. Access is restricted to countries that meet strict criteria. Colombia is also hoping to gain access to the line for $10.4 billion. Mexico’s credit line is for $47 billion.