Russia's No.1 gold producer Polyus issues bonds in Chinese yuan

MOSCOW, Aug 24 (Reuters): Russia's largest gold producer Polyus issued bonds denominated in the Chinese yuan worth 4.6 billion yuan ($670 million), it said on Wednesday, becoming the second Russian company to borrow in yuan within a month.
Demand for the yuan in Russia has increased since Feb. 24 when Russia sent tens of thousands of troops into Ukraine and the West imposed sweeping sanctions against Moscow, limiting its access to the dollar and euro markets.
Polyus, the world's fourth-largest gold mining company by production volumes, said it issued five-year bonds with a coupon rate of 3.8 per cent, planning to use proceeds from the issue for general corporate purposes and investment projects.
The initial coupon guidance was no more than 4.2 per cent per annum, while the guidance for volume was no less than 3.5 billion yuan, said Olga Sterina, an analyst at Sberbank CIB.