Eurobond Flotation by Russian Corporations and Finance Institutions
Eurobonds are one of the key instruments of international corporate financing. The article studies Eurobond market as a source of raising cash by Russian corporations and finance institutions. It provides structural parameters of Eurobonds and depicts types of securities available on debt market for...
Guardado en:
| Autor principal: | |
|---|---|
| Formato: | article |
| Lenguaje: | RU |
| Publicado: |
Plekhanov Russian University of Economics
2020
|
| Materias: | |
| Acceso en línea: | https://doaj.org/article/03f01d6200cb4065a52993841e90572e |
| Etiquetas: |
Agregar Etiqueta
Sin Etiquetas, Sea el primero en etiquetar este registro!
|
| Sumario: | Eurobonds are one of the key instruments of international corporate financing. The article studies Eurobond market as a source of raising cash by Russian corporations and finance institutions. It provides structural parameters of Eurobonds and depicts types of securities available on debt market for Russian issuers (issues with one or several tranches, benchmark issues). The author analyzes results of Russian issuers’ flotation, including high activity on Eurobond market of exporting companies and successful flotation of ruble Eurobonds. The article studies transaction aspects of Eurobonds market: the role of principle participants of the deal (leading managers, global coordinators, book-runners) and key stages of the security flotation process (getting the credit rating, preparation of legal papers, syndication and marketing on market). It makes a comparative analysis of key instruments of raising finance by Russian borrowers on international markets of debt capital – Eurobonds and syndicated credits. These instruments both compete and supplement each other, which was proven by using the combination of Eurobonds and syndicated credits by leading borrowers. The article comes to the conclusion that combined use of these debt instruments for solving a wide range of finance problems is optimal for corporate capital structure and finance institutions. |
|---|