CEE Bonds
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Central and Eastern European corporate issuers have been quietly benefitting from the game changing cash injection set to be unleashed by the European Central Bank on June 8, as ravenous yield hunters search further afield for value. -
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Just a week after Russia’s contentious return to the international bond market with its first sovereign bond since September last year, three of the country’s biggest companies are set to bring new tests of bond investors’ appetite for Russia. However, rather than being encouraged by the sovereign’s return, the trio are keen to get into the market before the Federal Reserve raises rates and dollar borrowing costs increase. Virginia Furness reports.
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Political turmoil has stopped from Croatia printing its planned euro Reg S issue, having completed a two day roadshow for the deal on Tuesday.
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Investors piled over $4bn into Republic of Turkey’s latest sukuk offering on Wednesday, following a cabinet reshuffle on May 22 which the market took as a positive signal amid the increasingly authoritarian rule of president Recep Tayyip Erdogan.
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PKN Orlen printed the first non-financial corporate bond from Poland since 2014 on Wednesday and managed to mop up plenty of demand from a brand new investor base.
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Three Russian corporates are looking to hammer out deals in the wake of the sovereign’s return to the bond market last week. All are refining their debt profiles with a combined buyback and new offer.
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Republic of Turkey is looking to take its next chunk of funding in the Islamic market, just days after President Erdogan called for Muslims to reject contraception to ensure the continued growth of the Turkish population.
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“The Hungarian economy is performing very well and its vulnerability to external shocks has declined,” notes a recent IMF report. At the GlobalCapital Hungary roundtable, representatives from the public and private sector exchanged views on what recent indicators mean for the longer term performance of the economy, and on the country’s banking industry and capital market. Participants in the roundtable, which was hosted by the Ministry of National Economy in Budapest in early May, were:
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The Government of Hungary has been committed to an economic policy that has been promoting the success of enterprises on domestic and foreign markets.
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After a bumper week in dollars, euros will be back on the CEEMEA table this week with PKN Orlen and Croatia wrapping up meetings on Tuesday. But the European Central Bank meeting on Thursday and US data on Friday is expected to keep issuance limited this week.
