CEE Bonds

Hungary will meet investors in Hong Kong and Singapore as it prepares ground to issue the first ever sovereign dim sum bond from the CEEMEA region.

Turkey's banking regulator has increased the pressure on the country's banks to print new style subordinated bonds.

Last year trumped the financial crisis years as the worst in recent history for CEEMEA bond volumes. Surely the only way from here is up? Francesca Young reports.

The Russian Ministry of Finance is living in a fantasy land if it thinks the IMF will have to reconsider its support of Ukraine under the Extended Fund Facility Agreement, according to analysts.

Metinvest’s restructuring saga looks set to continue well into 2016 after the Ukrainian lender asked investors for a waiver of default up to May 27, 2016.

Russia's Ministry of Finance has initiated legal action against Ukraine over the latter’s failure to repay a $3bn December 2015 Eurobond. It also claims that the default breaches the terms of the International Monetary Fund’s Extended Fund Facility.

Black Sea Trade and Development Bank (BSTDB) on Monday sold the second note from its EMTN programme, after drawing demand from asset managers.

Ukraine announced a moratorium on the $3bn bond held by Russia’s National Welfare Fund on Friday. The moratorium also covers Ukraine’s sovereign-guaranteed loans for Ukravtodor and Yuzhnoye.

Russian steel company Evraz raised $750m from a bond that was printed tight to secondary levels on Thursday as it benefited from huge pent up demand for Russian corporate paper, even in a volatile market for metals and mining firms.

With SSA investors increasingly muscling in on CEE bonds, a small number of banks have transferred execution for these sovereigns to their SSA syndicates. But a GlobalCapital poll showed that most banks have not yet done so and may not for some time, despite their spreads, already converging with the SSA market, having been shoved closer still by European quantitative easing.

Russian steel company Evraz has set the yield on a long five year benchmark at 8.25% area, a level that bankers away from the deal said was roughly in line with where he calculated fair value for the bond.

Bondholders have approved the restructuring proposal for the City of Kiev 2016s and extended the deadline for approval of restructuring of its 2015 Eurobonds.