Gazprom is close to printing the first deal from a Russian issuer this year, though it is a Swissie, and comes with all the peculiar quirks that define that market.

Gazprom is offering 3.375% coupon on a CHF500m deal, down from an initial level of 3.625% area and revised price talk of 3.50% area.

Gazprom's deal comes a day after a Standard & Poor's note claiming that only a handful of countries drive corporate issuer growth in emerging markets.

Russian issuers are responsible for one-quarter of all CEEMEA corporates that have sold bonds, according to S&P.

This is not ideal. "Geopolitical tensions, economic sanctions, and much lower oil prices continue to hurt prospects for many Russian entities," said S&P.

Meanwhile, Brazil and Mexico are responsible for the bulk of corporate issuance in Latin America and the Caribbean, while in Asia, it's China, Taiwan and Hong Kong.

Elsewhere in primary, Latin America's love affair with euros continues unabated, after Colombia began marketing a euro-denominated benchmark-sized 10-year bond at 4.125% area.

However, investors recent love-in with Brazil seems to have quickly fallen away with the sovereign's new 2026s already down by more than 2pts after former president Luiz Inacio Lula da Silva reportedly accepted a cabinet post, which could protect him from a money-laundering investigation.

Back in CEEMEA, International Bank of Azerbaijan will find out on Thursday whether investors agree to a consent solicitation on its US$198m 7.75% 2018 bonds as the bank seeks to drop covenants in return for repaying the notes early.

IBA has asked investors to waive asset disposal covenants as the bank, working with the country's regulators, has come up with a list of problem assets to transfer to a bad bank.

In return, IBA will repay its 2018s in four equal instalments of US$49.5m this year: on April 29, May 31, June 29 and July 25.

This will see the bonds maturing before the issuer's outstanding US$211m October 2016 notes.

In the secondary markets, the yield on Hikma Pharmaceuticals 2020s is higher by nearly 25bp to 4.95%, according to Eikon, after the Jordanian company announced a 12.1% fall in pre-tax profits in 2015.

Mozambique's Ematum bonds have continued their descent on Wednesday after Moody's downgraded the bonds from B2 to Caa2 overnight.

The notes are 0.373 points down to 80 and around three-quarters of a point below where they began the week. Eighty is the cash price that the sovereign is offering to investors for new Ematum 2023s as part of its distressed debt exchange.

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