CEE Bonds
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Terrorism, a military coup attempt, and a sovereign downgrade have failed to deter dedicated EM investment in Turkey, but deteriorating growth prospects and increasing nationalism, which could further strain relations with Europe, may threaten staying power in the long run, say economists. -
EuroChem tightened pricing for its $500m bond by 45bp in what the issuer described as the lowest ever dollar coupon for a non-investment grade Russian borrower.
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Russia’s Promsvyazbank is preparing a roadshow for a dollar bond of three or 3.5 years, following Otkritie Bank’s trade earlier this week.
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Otkritie Bank returned to the international bond market for the first time since the start of the Russia crisis on Tuesday, surprising market watchers with its tactics with no explanation offered.
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After a slow start to the week, emerging market investors were offered a smorgasbord of options as borrowers from four continents and across the credit spectrum launched bonds in dollars and euros.
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Otkritie Bank took advantage of surging demand for Russian hard currency bonds on Tuesday to come to market with a long awaited dollar Reg S senior unsecured deal.
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Russian Railways successfully revived the Eurorouble format on Friday with a well received seven year deal.
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Turkish funding officials are hopeful covered bond supply will improve in 2017 as new debut names surface and deals price tighter than the sovereign.
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Turkey’s spreads have not recovered almost a week after Moody’s junked its credit rating, but bankers insist the sovereign and other Turkish borrowers will have access to the capital markets once stability has returned, even if borrowing costs rocket. Virginia Furness reports.
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Russian Railways will attempt to revive the eurorouble format on Friday following a hugely successful dollar market return the previous day.
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Moody’s move to junk Turkey's rating last Friday was met with howls of disdain from investors after they believed the agency had hinted there would be no downgrade. But no diligent fund manager should be moving positions based on a throwaway comment from a single analyst.
