CEE Bonds
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Far Eastern Shipping Company (Fesco) kicked off restructuring talks with advisors to its Eurobond holders on Tuesday and aims to complete the process before Christmas.
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Bank of Georgia starts the roadshow for a dollar denominated bond on Wednesday, which it will offer in conjunction with a tender offer for its $400m 7.75% 2017s. Demand is expected to be good for both deals. -
Ukrainian energy company DTEK secured the approval of its bondholders to dispose of some $400m of assets which will enable it to cut its debt burden by 17% on June 30.
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Investors rejected the latest offer from Russia’s Brunswick Rail on Thursday as the fight to receive better restructuring terms on the company’s notes due 2017 continues.
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Turkey's state-owned Halkbank on Thursday printed the first CEEMEA bond since the UK's Brexit vote threw EM into a brief bout of chaos last week and in defiance of terror attacks in Istanbul.
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Developing market debt has emerged as a stronghold as markets continue to adjust to the fallout from the UK’s EU referendum last week. While panic hit spreads at first, fund flows quickly returned and credit across the CEEMEA universe rallied.
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In Turkey a series of explosions at Istanbul’s Atatürk international airport on Tuesday left at least 41 people dead and many more injured. But the market response has been muted.
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Russia may benefit from UK’s vote to leave the EU as analysts suspect the resolve to maintain sanctions against the former may wain over coming months. Attention is now turning to the US presidential elections in November as another event that may corrode the West’s desire to keep sanctions.
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Russian steelmarker Evraz plans to buy back what is left of its $600m of notes due 2017 it said on Wednesday.
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Restructuring talks have further been delayed after holders of Far Eastern Shipping Company (Fesco)’s ruble denominated debt failed to agree to a waiver on Monday which would remove their right to claim early redemption of the notes by November 28.
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Russia's Brunswick Rail has approached investors with a new offer after failing to reach a restructuring agreement with holders of its $600m bonds due 2017 after several months of negotiations. A source close to the company said that this was Brunswick Rail's last offer.
