Russia still focus of emerging markets space; Evraz, Raspadskaya, Croatia set up roadshows

By Aleesia Forni

Columbus, Ohio, April 10 - It was yet another quiet session in the emerging markets space on Tuesday, following an extended holiday weekend for most of the world, according to a market source.

"Russia is still very much the focus, as the new VTB Capital deal just adds to the supply deluge in the sector there," a London-based source said.

To recap, the Moscow-based investment bank priced a $1.5 billion issue of 6% five-year senior notes at par on April 4.

In the Russian corporate space, both Evraz Group SA and OAO Raspadskaya will begin roadshows this week.

The Markit iTraxx SovX CEEMEA Index of Central and Eastern European, Middle East and African credit-default swaps was 288 basis points during London's Monday session, 10 bps wider from Thursday's close.

Evraz sets roadshow

In the primary market, Evraz (Ba3/B+/BB-) has mandated Citigroup, JPMorgan and Troika Dialog to arrange a roadshow beginning on Wednesday, according to a market source.

A dollar-denominated deal may follow pending market conditions.

The roadshow will make stops in New York, Los Angeles, Boston, London and Geneva.

Evraz is a Moscow-based steel producer.

Raspadskaya taps bookrunners

Also in the primary, Raspadskaya mandated Goldman Sachs, Morgan Stanley and VTB Capital to arrange a roadshow, which will begin on Friday, according to a market source.

Raspadskaya is a coal-mining company based in Kemerovo, Russia.

Croatia eyes offering

Croatia (Baa3/BBB-/BBB-) will begin a global roadshow on Friday, which will make stops in London, New York, Boston and the U.S. West Coast, according to a market source.

A Rule 144A and Regulation S debt offering may follow pending market conditions.

Citigroup, Deutsche Bank and JPMorgan are the joint bookrunners.

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