Belarus
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Development bank also exploring funding package for Ukraine
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Belarus's sovereign bonds tumbled on Monday morning at the prospect of further EU sanctions.
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Belarus this week gave investors a chance to demonstrate the ESG credentials they are often so keen to trumpet. Few took it. Although the country’s sovereign bonds sold off in the wake of the controversial arrest of a journalist on Sunday, investors gave a number of reasons why issues such as human rights violations were no deterrent to buying an issuer’s bonds. But there are signs those excuses may not hold up for ever, writes Mariam Meskin.
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Following the international outcry over the forced landing of a Ryanair passenger plane carrying a Belarusian dissident, some emerging markets investors are said to have had sudden doubts about the ESG characteristics of Belarusian sovereign bonds. What took them so long?
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The EU has agreed to hit Belarus with sanctions and restrictions in the aftermath of the grounding of a Ryanair flight and the arrest of one of its passengers, journalist and activist Roman Protasevich. Market participants say that market access for the sovereign is in doubt.
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Investors have turned against Belarus after an opposition blogger and journalist was arrested by authorities on Sunday in extraordinary circumstances, with the country's dollar bonds dropping sharply on Monday morning.
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The European Union is to impose sanctions on leading Belarusian officials after condemning the country’s presidential election as rigged. But bond investors are not in panic mode.
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Political unrest in Belarus has thrown up difficult questions for emerging market investors, as ESG concerns rise and those who would buy still not seeing an attractive opportunity to do so.
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Just one week after selling $1.25bn of bonds, Belarus’s yield curve has widened as protests hit the country.
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The Republic of Belarus ditched euros on its return to bond markets on Wednesday, printing two dollar tranches on which it was able to ratchet pricing tighter.
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The Republic of Belarus is taking a second run at the new issue market after its first round of marketing ran into Covid-19.
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The Republic of Belarus will roadshow a dollar and euro dual trancher next week, but made it clear in the mandate announcement that there may be a wait before the bond is printed.
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Belarusian food retailer Eurotorg has hit the Russian rouble-denominated debt capital markets for the second time this year, raising a Rb3.5bn ($52m) loan.
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Eurotorg, the Belarusian food retailer, issued its debut Russian rouble bond last week, paving the way for the Belarusian government to follow suit.
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The Development Bank of the Republic of Belarus raised $500m with its first ever Eurobond on Wednesday, slicing 25bp off its yield from initial price thoughts.
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The Development Bank of the Republic of Belarus has released initial price guidance for its Eurobond debut at 7% area for a five year Reg S/144A dollar bond. A banker away from the deal called the level fair.
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The Development Bank of the Republic of Belarus (DBRB) will go on the road this week, promoting its first ever international dollar Eurobond.
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Belarus is working to issue its first sovereign Panda bond, GlobalRMB understands.
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The market volatility of recent weeks has claimed another IPO victim, Belarusian retailer Eurotorg, which postponed its listing on Tuesday, the last day of bookbuilding.
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Two listings from Slovenia and Belarus are due to close this week and the sellers are hopeful of getting the deals across the line, despite market challenges.
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Eurotorg, the largest supermarket chain in Belarus, has fixed a price range for its landmark IPO on the London Stock Exchange, which could value the company at almost $1bn.
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Eurotorg, the biggest supermarket group in Belarus, has announced its intention to float on the London Stock Exchange, paving the way for the first big international IPO of a Belarusian company.
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Belarus’s state-owned BeIinvestbank is in talks to raise a €50m syndicated loan, in a rare international deal for the country.
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The Republic of Belarus has printed its $600m 12 year bond through its curve despite other emerging market sovereigns paying up for their bonds over the past fortnight.