Russia's Chinese Yuan Funding Lifeline Is Getting Too Expensive [BNN Bloomberg (Canada)]
INDUSTRIAL & COM UNSP/ADR (IDCBY)
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Source: BNN Bloomberg
Two years after the invasion of Ukraine isolated Russia from the Western financial system, major energy and mining companies have come to rely on the yuan for most of their foreign-currency needs. But even as yields on China's benchmark government bonds hover around a two-decade low, insufficient yuan liquidity in Russia and demand for the currency from importers are contributing to higher borrowing expenses. The funding dilemma leaves companies like Russia's biggest miner, MMC Norilsk Nickel PJSC, choosing between expensive ruble funding or the rising cost of domestic yuan debt. Russia more than doubled its benchmark last year, saddling corporate borrowers with as much as 1.2 trillion rubles ($13 billion) in extra debt-servicing costs, according to Moscow-based consultancy Yakov & Partners. “Given current realities, the average cost of debt will be raising,” Sergey Malyshev, Nornickel's chief financial officer, said in a statement sent to reporters last month. Nornickel's in
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