CEE Bonds

Equity and bond investors hoping for the Turkish central bank to step in and cool its overheating economy will be dismayed by President Erdogan’s pledge to influence its decisions. But they should not be surprised.

Bank Gospodarstwa Krajowego, the State Development Bank of the Republic of Poland, is marketing a dual tranche euro bond.

The last two weeks have been the toughest in recent memory for emerging market bond investors who have seen their assets in local currencies and dollars alike take a hammering amid the collapse in the Argentine peso and Turkish lira.

JP Morgan's launch of an environmentally and socially conscious version of its EMBI index is well timed, as fund managers realise that dodgy morals can lead to shabby financial statements.

US President Donald Trump’s decision to reimpose sanctions on Iran has sent Turkey’s bonds, already under pressure from a weakening currency, flying wider.

The strengthening dollar is wreaking havoc for emerging market bond investors as assets in local currencies and dollars alike take a hammering.

Euroclear’s refusal to continue settling Rusal trades when US sanctions were slapped on the company on April 6 may have saved many US bond investors from crystallising crippling losses. If the US plans further rounds of similar punishments, it should turn that happy accident into a permanent feature of the sanctions process.

Nitrogénművek found demand at the second time of asking on Friday, raising €200m with a seven year note after first attempting to bring a deal last year.

The gloom over Russian capital markets was lifted a little this week as the US Treasury softened its stance towards sanctioned aluminium behemoth Rusal, giving hope to markets that the announcement of new sanctions against Russia at the beginning of April may not have been a knockout blow, write Sam Kerr, Francesca Young and Mike Turner.

Hungarian fertiliser company Nitrogénművek has released initial price guidance for its €200m seven year non-call three bond.

Sanctioned Russian aluminium company Rusal’s $500m 4.85% 2023s are once again trading and holders are expecting a rocky ride as compliance departments clash with analysts over their worth.

Hungarian fertiliser company Nitrogénművek has completed a roadshow ahead of an expected €200m seven year non-call three Reg S/144A bond. It is expecting to price the deal “as early as tomorrow [Thursday]”.