CEE Bonds
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Global Ports added on Tuesday a seven year bond to the pipeline of Russian borrowers set to bring deals this month, which already includes private bank Otkritie and commercial real estate company O1 Properties. -
Emerging market economic growth managed to hang on to much of its momentum over August, according to the latest release of the IHS Markit Emerging Market Composite PMI index.
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Institutional investors turned out in force for Slovenia’s euro market return on Wednesday, allowing the sovereign to tighten pricing by more than 10bp.
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Big bids from across Europe allowed Slovenia to tighten pricing by more than 10bp on its euro market return on Wednesday.
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Slovenia became the first central and eastern European name to tap the core currency markets after the summer lull on Wednesday with a reopening of its €1bn March 2035s.
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Sukuk stepped into the spotlight after JP Morgan decided to include Islamic bonds in its EM bond indices, but while eligibility will give the asset class a boost, it will be a while before the product is more broadly used.
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Amid much turmoil over whether Portugal will lose the one investment grade rating that is keeping it on the European Central Bank’s shopping list, no one is asking a vital question.
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Just over a month has passed since the attempted coup in Turkey. With a backlog of issuance from the country sitting in the pipeline, GlobalCapital discussed the investment case with four London-based fund managers.
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Poland became the first European country to issue a Panda bond on Thursday, printing a landmark Rmb3bn ($451m) deal. The depreciating renminbi was not enough to put off foreign investors, while the yield pick-up over other sovereign bonds helped ensure a strong order book. Addison Gong reports.
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Two CEEMEA issuers have picked banks for dollar transactions this week — Russia’s EuroChem and Sharjah Islamic Bank.
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Activity is ramping up in emerging markets with several mandates coming through this week. While the unrelenting buying of the asset class continues, idiosyncratic risks are a reminder of the volatility that can arise.
