CEE Bonds
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Turk Eximbank has taken to the road for a non-deal roadshow in London, meeting with international investors to discuss the institution’s credit, alongside three other emerging markets borrowers. -
The US Federal Open Market Committee (FOMC) provided little in the way of encouragement for emerging markets at its meeting on Wednesday, delivering a 25bp hike to the Fed Funds Rate, meaning the wind will keep blowing firmly against emerging markets. Lewis McLellan reports.
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Turk Eximbank has taken to the road for a non-deal roadshow in London, meeting with international investors to discuss the institution’s credit.
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Hungary printed its €1bn seven year bond on Tuesday with the lowest ever coupon and yield for a dollar or euro bond from the issuer.
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The orderbook for Republic of Hungary’s seven year euro benchmark has blasted past €2bn and leads have tightened price guidance — a move expected by rivals as they said initial talk looked cheap.
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The Republic of Albania will go on the road to promote a euro benchmark transaction for the first time in three years.
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The Middle East is continuing its domination of the CEEMEA primary market and even the Latin America new issue market is starting to see some action as a run of successful bonds in the last fortnight is helping to bolster investor confidence.
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HSBC DCM banker Odilbek Isakov has been hired to run Uzbekistan’s new debt management office.
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The Russian central bank announced a 25bp rate hike on Friday in a move calculated to offset the effect of expected US sanctions.
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It is the 10th anniversary of Lehman’s collapse and we are being inundated with retrospectives and predictions of what will cause the next crisis. Many are pointing towards emerging markets as a likely catalyst, a logical conjecture given the tightening in monetary policy that is underway in the US.
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The Central Bank of Turkey delivered a larger-than-expected interest rate hike this week that was given a cautious welcome by emerging markets bond syndicate bankers hoping to see some stability in the lira. Loans bankers working on a crucial $930m loan refinancing for Akbank — seen as a litmus test of foreign lenders' appetite to roll over loans to the financial sector — were nonplussed by the move, but still expressed confidence in rolling the bulk of the funds.
