CEE Bonds

Several more Russian companies could issue Eurobonds following the successful placement of nearly $2bn of corporate paper from the country this month, said analysts this week.

Ukrainian energy company DTEK is looking to dispose of several assets which will enable it to cut its debt burden by 17%. It has given investors until June 29 to agree to the sale.

Poland is looking to join the club of Panda bond issuers, having signed up Bank of China to lead its transaction. But the sovereign plans to swap the renminbi proceeds back into euros as it has little need for the Chinese currency.

Emerging market bond bankers are already looking beyond Brexit as super-tight spreads in central and eastern Europe, caused by a Remain-led rally, make issuance levels look attractive.

PKO Bank Hipoteczny, Poland’s largest mortgage lender, has issued a well oversubscribed, tightly priced and broadly distributed covered bond, which sets an encouraging prelude for an expected inaugural euro benchmark deal later this year.

Emerging market credit has ridden the uncertainties of the UK’s European referendum this week and made considerable gains on Monday and Tuesday as support for Remain edged ahead in polls.

Uranium One, the Russian state mining company, is offering to buy back some of its dollar bond due 2018.

Bank of China said on Tuesday that it has signed a memorandum with the Poland Ministry of Finance to work on the sovereign’s upcoming Panda bond.

Several Russian companies are considering issuing Eurobonds following the successful placement of nearly $2bn of corporate paper from the country this month, according to analysts.

The Panda bond market has been gaining plenty of attention ever since the asset class rebooted last year with many issuers eyeing it as a good opportunity to tap into the Chinese investor base. Looking to join the club is Poland, although the country has little need for renminbi and will be swapping the proceeds back into euros.

Covered bonds, green bonds, tier twos and senior — Turkish issuers have turned this year of lower funding needs into a meze platter of unusual and groundbreaking bonds. Francesca Young reports.

If the UK votes to leave the European Union on June 23, and a Brexit leads to fears the EU will fragment, EM bond markets will not escape the volatility that ensues in the immediate days after the referendum.