CEE Bonds

Russian Railways will meet investors on Wednesday to discuss its first Swiss franc bond in five years.

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Turkey ignored softness in the market to double the size of its 30 year dollar bonds on Wednesday, after reopening its May 2047s for a further $1.75bn.

Russia’s Far-Eastern Shipping Company (Fesco) has reached a milestone in its dollar bond restructuring saga, after almost half of the holders of its bonds agreed to some key terms.

US prosecutors have widened the net in their case against Turkey’s Halkbank after bringing new charges against the country’s former economy minister and the bank's former general manager for breaking Iranian sanctions, sending Halkbank assets lower but not hitting the rest of the country’s banking sector.

Rating agency Moody’s has slapped beleaguered Russian private bank Otkritie with a two notch rating downgrade this week, as subordinated debt holders in the bailed out bank look set to take heavy losses.

Ukraine is understood to have picked banks for its first Eurobond since 2013, and following a massive rally of the sovereign’s bonds, its reception in the market is expected to be strong.

The dry spell is over for investors in emerging market debt with several mandates hitting the screens on Tuesday. The first trades will be eagerly watched as a barometer for new issue premiums after a summer that has seen escalating geopolitical tensions and further questions about the direction of travel of both the European Central Bank and the US Federal Reserve.

Emerging market bonds remain set for a busy September as weak US data pushed dulled expectations of Federal Reserve rate hikes, outweighing escalating tensions between the US and Korea, and the Kenyan Supreme Court's decision to annul the result of the August 8 election.

Russian aluminium producer Rusal priced its second Panda bond of the year on September 1, reopening the market after a quiet month.

With a GDP per capita of just $796, and foreign exchange reserves that cover just 9% of debt obligations, the Republic of Tajikistan cannot claim to be a frontier market, let alone an emerging market country. But that should be no obstacle as the Central Asian state approaches a bond market that has seen Belarus and Iraq raise debt with ease in recent months.

International Bank of Azerbaijan (IBA) is expected to launch three new bonds on Friday that have been born out of a restructuring of $3.34bn of the bank’s debt.