CEE Bonds

HSBC has appointed Gareth Thomas as head of global banking for the Middle East, North Africa and Turkey. He starts in the new job in September.

Bulgarian Energy Holding, the 100% government-owned Bulgarian electricity and gas holding company, has printed a €150m tap of the €400m 3.5% 2025s it sold in June.

Bulgarian Energy Holding, the 100% government-owned Bulgarian electricity and gas holding company, is returning to the bond markets for a tap of the €400m 3.5% 2015s it sold in June.The BEH tap will be only the third public Eurobond printed in the CEEMEA market this month — the other two were a Lietuvos Energija green bond in euros and an Angola tap in dollars.

An innovative liability management exercise by Czech Eurobond issuer Net4Gas is unlikely to be repeated in the near term due to limitations on the koruna corporate bond market, according to bankers on the deal.

The government of Slovenia has relaunched the reprivatisation of Nova Ljubljanska Banka (NLB), the biggest bank in the country, after an attempt to float it in 2017 failed.

As the trade tension deepens between the US and its counterparts, fund investors have fled to US bonds and equities, leaving emerging market fund outflows on the rise for the most part of 2018.

Frontier markets specialists Exotix Capital has made four new appointments to its EM sales business, expanding its coverage in four different geographies.

Turkey was driven further into financial instability and chaos this week, reflected in tumbling asset prices and the lira being at near record lows, after the country's president Recep Erdoğan delivered a further blow to investor confidence with a cabinet reshuffle.

The news that Russia intends to plough ahead with its plans for funding in the international capital markets was greeted with some initial disbelief. At first glance, the international environment does not look good for a Russia return. But look again, and there is little reason to believe that demand for a Russian sovereign new issue would be anything but enthusiastic.

Turkey’s president Recep Erdoğan delivered a shock to investors on Monday, announcing a cabinet reshuffle in which he removed market favourites Mehmet Simsek, who was deputy prime minister, and Naci Agbal, minister of finance. He appointed his son-in-law Berat Albayrak, who previously served as energy minister, as finance minister.

The Russian Ministry of Finance has released its borrowing plans for the next three years, starting with a plan to borrow Rb1.48tr ($24bn) in 2019. Though the plan, which includes continuing to raise money internationally, is being seen as brazen, bankers in London said that there will be appetite.

Kazakhstan’s agricultural holding company KazAgro is conducting a liability management exercise to actively manage its upcoming debt maturities.