CEE Bonds

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.

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.

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.

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.

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.

Two CEEMEA issuers have picked banks for dollar transactions this week — Russia’s EuroChem and Sharjah Islamic Bank.

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.

Slovenia intends to buy back up to $1bn of dollar denominated debt following the successful placement of a new euro bond, the country's debt office said on Tuesday.

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.

Borrowing conditions for Russian issuers are the best they have been since 2013 and, as changes to onshore funding conditions push more borrowers offshore, several corporates as well as the sovereign are expected to raise international money ahead of US elections in November, according to DCM heads at VTB and Sberbank.

Borrowing conditions for Russian issuers are the best they have been since 2013 and as changes to onshore funding conditions push more borrowers offshore, several corporates as well as the sovereign are expected to raise international money ahead of the US elections in November, according to DCM heads at VTB and Sberbank.

The Ministry of Finance of the Republic of Poland has mandated Bank of China and HSBC as joint lead underwriters to work on the sovereign’s upcoming Panda bond.