Companies but not the sovereign. Last Russian panda bond was Rusal in 2017. Others got Chinese credit ratings ready for issuance this year but it hasn't happened yet.

I’m not joking about the public policy thought leadership content btw www.linkedin.com/posts/kittyu...

Lots of focus on what this will all mean for the credit of the data centre builders. Just as interesting, what it means for the credit of utilities who will sell the power (but on what terms?). From a recent Jefferies note (‘Guardrails before gigawatts’):

The yield reflects a significant discount to par at issue (I was told well below 90 cents). They would pay the $670mn in five instalments over 2028-2032.

Magnificent seven capex.

Just writing on this now!

Lao PDR bond update - they issued $300mn (a minimum for bond index inclusion) in the end, at the initially offered yield of 11.25% (ie the market didn't bid yields lower).

Which suggests it didn't go quite so well as a bond sale. links.sgx.com/FileOpen/Lao...