Debt Products Group
The Debt Products Group of Renaissance Capital is renowned as a pioneer and innovator, known for developing new products and introducing new ideas and ways of working.
We’re one of the market leaders in sales and trading of fixed income instruments and in arranging new debt financings for our Russian and CIS clients.
We have the largest, most experienced and most sophisticated fixed income desk of any investment bank focused on Russia and the CIS. The fixed income products we provide include public and privately placed securities, rouble and non-rouble-denominated instruments, structured debt and derivatives. In Russia, we pioneered the development of dollar and rouble credit-linked notes.
We often act as lead manager for major financing arrangements for Russian and CIS companies. One such issue – US$280mn for Ritzio International – is the largest CLN
(credit-linked note) issue in Russia for a private company.
The Group comprises four specialist business units:
Sales
We operate two sales teams, focussing on domestic and international clients respectively.
The domestic sales teams are based in Moscow, Kiev and Almaty. We’re market leaders and have established close relationships with all of the major buyers of fixed income products. Our clients include banks, asset managers, high-net-worth individuals, insurance companies and corporate treasuries.
Our international sales teams are based in Moscow, Dubai, New York and London and deal with investors worldwide. Our clients include the world's leading hedge funds, dedicated emerging market funds, credit funds and traditional asset managers as well as many of the world's largest banks.
Trading
Our debt trading teams provide a range of innovative and high quality services for both issuers and investors. We provide access to liquidity and markets, as well as valuations and real-time information on the flow of global money. We also use our own capital to help balance the buying and selling interest for our clients.
We’re among the market leaders in rouble and non-rouble bond trading volumes both on MICEX and the over-the-counter market. As well as securities trading, the trading desk also provides services such as currency and interest rate risk hedging mechanisms, REPO and access to structured products and traded derivatives.
We traded 350 different local RUB corporate bonds and 190 corporate USD & EUR Eurobond issues in 2007. Our rouble bond trading volumes reached US$6.86bn, up from the previous year’s US$2.5bn.
Primary Markets (Debt Capital Markets, Financial Solutions Group and Syndicate)
Our Debt Capital Markets (DCM) team creates, structures and syndicates a huge variety of debt instruments. We provide customised solutions for issuers and we’re now recognised as a market leader in primary market placements for our Russian, CIS and Sub-Saharan African clients.
We’re ranked first among independent investment banks in the rouble bond market. We’re also pioneers in developing the US$ and RUR Credit Linked Note (CLN) markets, raising debt capital for a broad range of CIS and African borrowers.
Our goals are to maintain this market leadership in domestic and international primary markets, and to remain at the forefront of debt product development in the global emerging markets.
Structured Products
Our Structured Products team provides a full range of risk management and structured financing services for both issuers and investors. These include asset and liability solutions using interest rate, foreign exchange and credit derivatives.
Our solutions include commodity hedges for producers and consumers, large public market debt transactions, and tailored financing services for private companies. This will often involve the Group taking an equity stake in the relevant companies.
We have strong relationships with a range of Russian and international institutions and the team is particularly well placed to help clients in strategic areas such as acquisition finance and cross-border investments. For investors, we offer a range of derivative investment instruments. These provide access to structured and leveraged investment opportunities.