Cooling off in euros
Earlier this year, several CEEMEA bankers extolled the virtues of using the euro market for diversification and claimed that emerging market issuers were due a push into that currency. They thought that volatility in the dollar market had brought with it the opportunity for the European investor base to show its mettle.
Russia’s $6.96bn bond this week was a stunning achievement, but it served to highlight how little the euro market still matters in mainstream EM.
Eyes popped on Monday when the Russian sovereign announced that it would be printing five tranches in its long awaited bond. The size had been
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