CEE Bonds
-
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. -
-
Russian Railways will attempt to revive the eurorouble format on Friday following a hugely successful dollar market return the previous day.
-
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.
-
PKO Bank Hipoteczny has mandated leads to go on a roadshow with the first euro benchmark covered bond from Poland.
-
Romania achieved a wafer-thin new issue premium for a €1bn reopening of its May 2028s on Wednesday, setting a good precedent in euros for Latvia which mandated for a 10 year deal on Thursday.
-
Romania achieved a wafer-thin new issue premium for a €1bn reopening of its May 2028s on Wednesday.
-
The Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg has approved the covered bond prospectus of PKO Bank Hipoteczny and the issuer has mandated leads for a roadshow.
-
Romania returned to the euro market with a reopening of its May 2028s on Wednesday morning.
-
Turmoil in Turkish bond markets put a dampener on Monday’s open after Moody’s junked the sovereign's credit rating. But with activity in the Middle East and, after a two year absence, Nigeria, the stage is set for a busy few weeks in EM.
-
Vakifbank’s €500m five year covered bond has rallied after Moody’s cut its rating and those of five other Turkish covered bond issuers. The move implies that the rating downgrade has not delivered a fatal blow to prospective Turkish supply.
-
Russia’s EuroChem is the latest issuer from the country to conduct a liability management exercise and is planning to refinance a buy-back of its $750m 2017s with a new dollar bond.
