CEE Bonds
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Czech Railways (České dráhy), the 100% state-owned Czech national railway operator, is embarking on a European roadshow for a seven year bond. -
Emerging market bankers and investors have been reacting to this week's attempt by the Venezuelan opposition to unseat president Nicolás Maduro, with some worrying that Russia's support for the government once again raises the risk of sanctions against that country.
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Republican senator Lindsay Graham called for more sanctions on Russia over the weekend, but the threat of these sanctions seems to have become toothless, as foreigners' appetite for exposure to Russia and the rouble has increased in the last few months.
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Turkey’s central bank on Thursday kept its policy rate at 24% and removed a commitment to tighten monetary conditions further if needed. The announcement disappointed investors, and is expected to intensify the sell-off in the lira.
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Ukraine might be angling for an opportunity to issue a Eurobond, but with a new president-elect unsettling capital markets and IMF relations best described as frosty, investors would rather the sovereign held off.
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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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A softening in Ukrainian bond spreads may prompt the country's debt management officials to drag their feet over issuing its next public bond. It would be better for them to get moving.
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DCM bankers are expecting a sovereign bond from Ukraine imminently, after Vladimir Zelensky, a 41 year old Russian-speaking comedian, won the country's presidential election on Sunday.
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The calls have started to emerge for Turkey to turn to the IMF. Turkish president Recep Tayyip Erdoğan has always been dead set against the idea — and perhaps that’s for the best.
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Turkey is butting heads with Nato over the purchase of a Russian missile system, with the diplomatic tensions weighing on the nation’s currency and asset prices. This is despite the improving economic data offering signs that the country may be leaving recession.
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