EM bonds: the good, the bad — and Technikabank
The biggest and best issuers from central and eastern Europe have reopened the region’s international bond market in recent weeks — Gazprom, Evraz, Halyk Bank. Non-blue chips remain excluded, or consigned to the high octane private market where the risks are as steep as the coupons. So why is Morgan Stanley bringing a public deal for a single-B rated Azerbaijani debut issuer? You have to admire their pluck.
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