CEE Bonds
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Emerging markets investors had piled $1bn of orders into Kernel’s five year dollar bond by lunchtime on Tuesday. The deal is their first opportunity since 2013 to buy fresh debt from Ukraine. -
Russian Eurobond volumes will be higher in 2017 as corporate borrowers rush to take advantage of strong investor demand amid expectations that the US will soften its stance on sanctions towards Russia, say Russian bankers.
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Slovenian funding officials took advantage of the first sovereign bond market outing this year to reward loyal members of the country’s primary dealer group.
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CEE borrowers were upbeat at Euromoney’s Central and Eastern European Forum 2017 in Vienna this week, with several sovereigns revealing funding plans for the year.
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The European Bank for Reconstruction and Development has invested in its first Slovak covered bond and is working with local regulators to update the local covered bond law.
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Typically an early mover in the race to fund, Turkey raised $2bn on Wednesday with an SEC-registered note maturing March 2027, a third of the total $6bn it plans to raise this year. But the sovereign has plenty of hurdles ahead, writes Virginia Furness.
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Russian corporate bond issuance for 2017 looks set to begin with Rusal, the world’s second largest commodity producer, which has gone through multiple debt restructurings.
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Kernel Holding has hired two international banks to work on a bond offering, the first corporate new issue from Ukraine since 2013.
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The Republic of Turkey has surprised market participants by opening books on a 10 year dollar benchmark — but the 40bp-45bp new issue premium at the starting point hints at the elevated price investors will be demanding for Turkish risk.
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Slovenia reopened the bond market for central and eastern European issuers in style on Tuesday with a well received dual tranche euro deal.
