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Home And Away: Privatisation Drive Sparking Russian IPOs

Thanks largely in part to the government’s fiscal reform agenda and the subsequent privatisation programme that comes with it, Russian IPOs are coming back into the spotlight, both at home and abroad. In BMI’s view, we look set to remain in a bull market over the coming quarters. Indeed, Moscow's proposed privatisation agenda will be at the centre of this increase in floatation activity after the Kremlin announced, back in Q117, that it had approved a three-year initiative for the selling down of state assets, established with the sole intention of raising funds to plug holes in the sovereign's balance sheet. We note that this deficit was caused by a surge in social outlays, reflecting the government's effort to support the economy out of a recession brought on by a rise in military spending and, more significantly, by low oil prices seen over the last couple of years weighing on state revenues.

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Nick Johnston

Head of Econometrics & Data
Financial Markets | London

Tim Cooper, CFA

Global Economist
Banking & Finance | London

Lisa Lewin, CFA

Global Economist
Banking & Finance | London
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