Russia's largest lender Sberbank may issue bonds in Chinese yuan

Credit: REUTERS/Maxim Shemetov

This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine.

MOSCOW, Nov 10 (Reuters) - Russia's largest lender Sberbank SBER.MM is considering placing bonds denominated in Chinese yuan, a senior executive said on Thursday.

"The yuan bond market in Russia is developing quite rapidly, with new corporate issuers entering the market almost every month," Sberbank's First Deputy Chairman Alexander Vedyakhin told reporters.

He added that Sberbank is considering the feasibility of issuing bonds in the Chinese currency, and that the volumes and timing of the bond issues would be determined based on market conditions.

Demand for the yuan among Russian companies has increased in recent months, as Western sanctions against Moscow limit their access to dollar and euro markets, and Sberbank has started to lend in the Chinese currency, Vedyakhin said.

Sberbank may also consider increasing funding for the Novatek-led Arctic LNG-2 project, he said, although he added that the bank saw no immediate need for this.

(Reporting by Elena Fabrichnaya)

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