CEE Bonds
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Market participants have dismissed the viability of Turkey extending its swap line arrangements with the US Federal Reserve this week to enhance the country's access to dollars. They also noted that little has happened to change their bearish outlook on the sovereign. -
After a run of sovereign issuance, emerging market investors got their first taste of corporate paper since the Covid-19 coronavirus crisis struck bond markets.
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Sovcombank, one of Russia’s largest privately owned banks, has kicked off a tender offer for two tranches of its debt, continuing a run of liability management exercises from its sector.
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Ukraine’s Privatbank saga has ratcheted up again as the lender filed a new claim, worth $5.5bn, against its former owners.
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Turkey has joined the list of emerging market countries experimenting with quantitative easing programmes in the wake of the Covid-19 crisis engulfing conventional funding markets.
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HSBC has promoted two bankers internally to head up its capital markets business in the Middle East, North Africa and Turkey.
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The Republic of Slovenia navigated a much changed euro new issue market on Tuesday, executing a three year bond and tap that required unconventional pricing tactics.
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The pace of emerging markets borrowers’ requests for official institution funding, amid the shocking deterioration of their bond markets, is picking up pace. On Sunday, Ukraine's president Volodymyr Zelensky said that he had discussed using International Monetary Fund resources to fight the economic impact of Covid-19.
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The recent fall in the price of oil is having a knock-on effect on non-core currency issuance. While oil dependent markets could take a hit as their currencies weaken, some net importers could benefit from a stronger currency and safe haven flows.
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Green deals from Hypo Vorarlberg and Russian Railways were sold in Swiss francs this week in what were immensely tricky conditions. The market was awash with deals in January and February, but many feel the spread of coronavirus will bring a halt to the momentum moving into March.
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The flow of money into bonds and equities in emerging markets in February slowed to its lowest level since the 'trade tantrum' last August, amid signs that the spread of the coronavirus has prompted a reassessment of country risk.
