Renaissance Capital (Russian company)

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Renaissance Capital
Private
Industry Finance and Investment Banking
Founded 1995; 23 years ago (1995)
Headquarters Moscow, Russia
Key people
Christophe Charlier, Ruslan Babaev, Anna Vyshlova, Anthony Simone, Elena Grishina
Products Investment Banking
Website www.rencap.com

Renaissance Capital is an emerging and frontier markets focused investment bank founded in 1995 in Russia.[1][2] The firm has offices in Moscow, London, New York, Lagos, Nairobi, Johannesburg, Cape Town, Dubai, Cairo and Nicosia.[3]

Since 2012, Renaissance Capital has been part of ONEXIM Group, one of the largest private investment holding companies in Russia, owned by Russian billionaire Mikhail Prokhorov.

Renaissance Capital offers investment banking services[4] in debt and equity capital markets, M&A[5], equity and equity derivatives, fixed income[6], FX and FX derivatives, commodities products, prime brokerage, research[7], as well as REPO and financing.

The firm has assets worth approximately $3,260 million and equity of around $486 million, as of the end of 2017, and reported full-year net profit for 2017 of $15,6 million[8].

History

Renaissance Capital was established in 1995 by a group of founding partners, including Stephen Jennings, Boris Jordan, Leonid Rozhetskin, Anton Kudryashov and Richard Deitz.

On September 22, 2008, ONEXIM Group and Renaissance entered into a strategic partnership whereby ONEXIM Group purchased a 50% (minus one share) stake in Renaissance Capital for $500 million following the issuance of new equity, commenting that the acquisition “presents the opportunity to take Renaissance Capital to the next level”.[9]

In 2010, Renaissance Capital paid 207 million rand ($27 million) to acquire Barnard Jacobs Mellet Securities Ltd., the South African stock brokerage.[10]

In November 2012, ONEXIM Group acquired further stakes in Renaissance Capital which resulted a full ownership of the investment bank and indirect ownership of an 89% stake in the consumer finance bank Renaissance Credit. Commenting on the deal, Dmitry Razumov, Chief Executive Officer of ONEXIM Group said, “We strongly believe in the strategy of Renaissance Capital and that the financial resources of ONEXIM will only strengthen the unique position of the bank in the markets in which it operates.”[11] The transaction was completed in April 2013, following the receipt of all necessary regulatory approvals.[12]

Renaissance Capital opened an office in Dubai in February 2014[13], initiating coverage of almost 50 regional stocks[14] and launching trading in the Middle East markets, including UAE, Saudi Arabia, Qatar, Kuwait, Morocco, Oman and Tunisia.[15]

Renaissance Capital has been active in Africa for several years. The firm established a presence on the continent in 2007 with locations in Lagos and Nairobi[16] and opened offices in Johannesburg, Cape Town and Cairo in 2010, 2015 and 2017 respectively.[17][18][19] In March 2015, Renaissance Capital doubled its net profit from core business for the full year 2014, reporting a total operating income of $250 million.[15]

In April 2017, Renaissance Capital announced the upcoming opening of its Cairo office, focusing on investment banking, financing and research, and received its licence to operate in the country later that year.[18]

Management

Since April 2017, Renaissance Capital has been led by co-CEOs Ruslan Babaev and Anna Vyshlova, who oversee strategy and the day-to-day operations of the firm. Both Ruslan Babaev and Anna Vyshlova had previously served in management positions at the firm.[20]

Christophe Charlier is Chairman of Renaissance Capital’s Board of Directors, providing oversight and guidance on its strategic development and international expansion and managing the firm's relationships with key clients and stakeholders in all of the Firm’s markets.[21]

Anthony Simone, Renaissance Capital's President, focuses on the firm's international offices and institutional client coverage, as well as regulatory, governance and other corporate matters.[22]

Elena Grishina is Renaissance Capital’s CFO. Within this role, she is responsible for Renaissance Capital's financing activities and investor relations.[22]

Ahmed Badr is CEO for Dubai and Head of Equities for the firm's Middle East and North Africa business, including its newly established Egypt unit, and oversees Renaissance Capital's growth strategy in the region.[23]

Temi Popoola is CEO for Nigeria, with a focus on equities and developing the firm's investment banking offering in the country.[24][25]

Stanley Kariuki is CEO and Head of Equities for Kenya, where he oversees the local team and has responsibility for trading and operations.[26]

Kirsty Ross is CEO for South Africa, a position she has held since 2015.[27]

Geography

Renaissance Capital is focused on emerging and frontier markets. The firm has a unique geographical footprint (with offices in Moscow, London, New York, Lagos, Nairobi, Johannesburg, Cape Town, Dubai, Cairo and Nicosia), thus providing its clients with an unrivalled prime brokerage and investment banking services.[28]

Dubai and Cairo serve as the focal points for the firm's activities in the Middle East and North Africa.[28][29] One of the landmark transactions in this region was the first equity placement on the Egyptian Stock Exchange, completed in May 2016 on behalf of Egypt El Mansour & El Maghraby Investment and Development Company through an accelerated book build of Crédit Agricole Egypt SAE shares. Renaissance Capital acted as the sole organiser and bookrunner of the placement.[30]

Renaissance Capital’s office in Lagos (Nigeria) serves as a hub for the firm's West African operations, and its Nairobi (Kenya) office provides a base for its activities in the east of the continent.[28] The firm has managed transactions in Nigeria, Kenya, South Africa, Ethiopia, Uganda, Rwanda, Tanzania, Egypt and Zambia.[31]

Rankings, ratings and awards

Renaissance Capital’s research team was recognised as Top-10 in the 2017 Institutional Investor All-EMEA Research Team survey. The utilities research team was ranked first, the economics, metals & mining and transportation teams all finished second, while the frontier markets team came in third.[32][33]

In 2016 and 2017, the Extel survey consecutively ranked Renaissance Capital as the top frontier markets brokerage firm.[34][35][36][37]

In the 2017 Financial Mail awards for African equity research, the majority of the firm's individual analysts achieved top positions in their respective categories, and local team was ranked sixth.[38]

Renaissance Capital won two prizes in the 2017 Cbonds awards, for the bond issuances it organised for UC RUSAL and Kazakhstan Temir Zholy. The Cbonds are Russian bond-focused awards given annually.[39]

Most recently Renaissance Capital has been named the Best in Frontier Markets in 2018 by Global Finance magazine.[40]

Product offering

Renaissance Capital offers a variety of investment banking services[4] in debt and equity capital markets and M&A[5], equity and equity derivatives, fixed income[6], FX and FX derivatives, commodities products, prime brokerage, research[7], as well as REPO and financing.[41]

The firm has established an algorithmic trading unit as part of its existing derivatives business to meet growing client demand, and capitalise on market opportunities.[42]

The firm's award-winning research department[32] offers equity and macro coverage of emerging and frontier economies, with a focus on Africa, the CIS and Asia. Renaissance Capital analysts provide equity research on the following sectors: automotive & transport, consumer & retail, financials, healthcare, industrials, materials, media and technology, metals & mining, oil & gas, real estate and telecommunications.[7]

Renaissance Capital has acted as organiser on a number of significant debt and equity capital markets transactions in Russia in recent years, including the Moscow initial public offering (IPO) of Obuv Rossii[43], a $315 million block trade for UC RUSAL[28], and several major dollar-denominated bond issuances, including for STLC[44], and Polyus Gold.[45]

In the frontier and emerging space, Renaissance Capital has organised a number of pioneering transactions including the following:

  • A $400 million international bond issuance for Fidelity Bank plc, a leading commercial bank in Nigeria[46].
  • A GEL500 million three-year senior bond issue for Bank of Georgia, the first-ever local currency international bond issue out of Georgia[47].
  • A RUB15bn issue for Kazakhstan Temir Zholy (KTZ), the state railway company of the Republic of Kazakhstan, the first corporate issue for a foreign borrower in the Russian domestic rouble market[48].
  • A $350 million eurobond sale for Eurotorg, the first corporate international bond issuance by a Belarussian company[49][50].
  • Nigeria’s NGN10 billion debut corporate infrastructure bond for Viathan Group, a private equity-backed company, providing power solutions to the government, household and businesses in Nigeria, using natural gas as fuel[51].

Conferences

Renaissance Capital organises a number of investor events, including roadshows, 1:1 investor meetings, capital markets days and annual regional conferences around the world, some of which have been held for many years consecutively.[52]

The firm's upcoming 2018 Moscow conference will be the 22nd annual edition of the event.[53] Renaissance Capital also organises investor conferences in London,[54] Cape Town[55][56], Nairobi[57] and Lagos[58]. In May 2016, Renaissance Capital also hosted its first Pakistan Investment Conference in London. The two-day event brought together European and US investors, and government and corporate representatives from a wide range of sectors in Pakistan, including financial services, industrials, natural resources, energy, pharmaceuticals and telecoms.[59]

Serving as a gateway to emerging and frontier markets for international investors, most recently, Renaissance Capital held an investor roadshow in Nigeria[60], gathering investors from London, New York, Johannesburg and other markets with an interest in Nigerian bonds and equities.[61]

References

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  9. ^ "ONEXIM Group and Renaissance Group Form Strategic Partnership in Investment Banking" (PDF). Onexim.org. Retrieved 1 August 2018. 
  10. ^ "Rencap buys Bernard Jacobs Mellet for R207m". Mg.co.za. Retrieved 1 August 2018. 
  11. ^ "::ONEXIM::Media Centre::Press Releases and Statements". Onexim.org. Retrieved 1 August 2018. 
  12. ^ "::ONEXIM::Media Centre::Press Releases and Statements". Onexim.org. Retrieved 1 August 2018. 
  13. ^ "RenCap to Arqaam expand in MEA". Khaleejtimes.com. Retrieved 1 August 2018. 
  14. ^ "Renaissance Capital strengthens Dubai team". Zawya.com. Retrieved 1 August 2018. 
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  16. ^ "Renaissance Capital founder Jennings plans to double investment in Africa - IOL Business Report". Iol.co.za. Retrieved 1 August 2018. 
  17. ^ "RenCap opens new Cape Town office". Globalcapital.com. Retrieved 1 August 2018. 
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  19. ^ "Renaissance Capital opens South African offices". Reuters.com. Retrieved 1 August 2018. 
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  24. ^ "MOVES-Renaissance Capital names Temi Popoola CEO of Nigerian business". Reuters.com. Retrieved 1 August 2018. 
  25. ^ "Temi Popoola Appointed CEO of Renaissance Capital Nigeria - Nigerian Bulletin - Trending News". Nigerian Bulletin - Trending News. Retrieved 1 August 2018. 
  26. ^ "Renaissance Capital in growth mode in Africa". News.efinancialcareers.com. 21 September 2012. Retrieved 1 August 2018. 
  27. ^ "RenCap's Rob Kay leaves firm following suspension". Moneyweb.co.za. 31 August 2015. Retrieved 1 August 2018. 
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  46. ^ "Fidelity Bank Issues $400m Eurobond, Refinances $256m of Maturing Notes". Thisdaylive.com. 17 October 2017. Retrieved 1 August 2018. 
  47. ^ "Bank of Georgia hires JP Morgan, Renaissance Capital for Eurobond..." Reuters.com. Retrieved 1 August 2018. 
  48. ^ "New bond issue: Kazakhstan Temir Zholy issued international bonds (XS1713475132) with a 4.85% coupon for USD 780.0m maturing in 2027". cbonds.com. Retrieved 1 August 2018. 
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  50. ^ "Eurotorg shops for debut bond, but even 9%-10% bargain yields may struggle to entice investors given bagful of concerns – Deal Preview". Debtwire.com. 20 October 2017. Retrieved 1 August 2018. 
  51. ^ "Private equity-backed Viathan issues Nigeria's debut 10-year..." Reuters.com. Retrieved 1 August 2018. 
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  60. ^ "Nigeria does not need oil to develop - VP Yemi Osinbajo - Premium Times Nigeria". Premiumtimesng.com. 1 February 2016. Retrieved 1 August 2018. 
  61. ^ "Govt. committed to spend N1.3 trillion annually on infrastructure- Adeosun - Premium Times Nigeria". Premiumtimesng.com. 7 February 2018. Retrieved 1 August 2018. 
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