CEE Bonds
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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. -
State-owned Hungarian Development Bank (HDB) on Wednesday launched a euro-denominated benchmark bond. The bond marks the third entry into the market by the Hungarian sovereign or one of its entities during the coronavirus pandemic.
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Caisse Francaise De Financement Local (Caffil) lost €700m of orders after deciding to price its €1bn 10 year covered bond flat to OATs on Tuesday. But in contrast Vseobecna uverova banka (VUB) was able to price comfortably inside fair value largely because its deal offered a substantial pick-up to other covered bonds.
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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 Single Resolution Board is asking for new data from banks on their key metrics as of the end of June, with an eye to using the information to tweak their minimum requirements for own funds and eligible liabilities for 2020.
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Jorge Masalles Sarragúa has become chief executive of Commerzbank Iberia, as the previous occupant heads to perform the same function for Hungary.
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Slovakia's Vseobecna uverova banka (VUB) will offer covered bond investors a rare chance to buy bonds with a considerable pick-up to core European deals, having mandated leads for a €500m five year deal rated Aa2 that is expected to be launched on Tuesday, subject to market conditions which have recently deteriorated.
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Ukraine has finally accessed International Monetary Fund support, as the country won access to a $5bn stand-by arrangement this week, but more long running negotiations for an extended fund facility (EFF) are on hold for now.
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The Republic of Albania won a €3bn book for its bond market return on Tuesday, whittling down pricing to a yield of 3.625% for its seven-year deal.
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The Republic of Albania returned to the euro bond markets on Tuesday after more than a year and a half away, seeking a seven year deal.
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Veon, the emerging markets telecommunications firm, has mandated for a rouble bond issue, six months since its last trade, a hard currency offering.
