Replacement bonds: Who's next?

There are three strategies that dominate the bond market right now. The first one is buying “replacement” bonds. The second is buying securities of sanctioned issuers (but not part of SDN list) such as Russian Railways, which make roubles transfers on their bonds directly to the depo accounts even to holders at Euroclear if they have a status of local Russian resident or friendly non-resident and an account with a Russian broker. The third strategy is a special case, such as Belarus bonds, whose servicing and payment terms can be changed like those by the Russian Finance Ministry, so among other things they can move into the first category (replacement bonds).It's hard to predict which entities will opt to issue replacement bonds.Previously it benefited non-sanctioned issuers, such as Gazprom, willing to pay holders at Euroclear and make rouble payments to holders in the National Settlement Depository (NSD) which is part of government decree 430 as of July 14, but these are unrelated things and sanctioned companies, such as MMK and Sovcomflot, are also considering replacement of outstanding bonds.