State banks switched places // Gazprombank became the leader of investment banking in the debt market
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Last year was not easy for Russian investment banks operating in the debt market. Due to increased sanctions risks, Sberbank and VTB Capital lost their leading positions to Gazprombank. However, the isolation of the Russian market makes secondary sanctions less dangerous, therefore, as the local debt market transforms, the role of state-owned banks will be restored, its participants believe. In 2023, they expect at least a repeat of the result of 2022, with yuan bonds becoming one of the main centers of market growth.
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