CEE Bonds

State Savings Bank of Ukraine (Oschadbank) has finished exchanging its 2016 and 2018 Eurobonds into new 2023 and 2025 notes.

Poland made sure CEEMEA was not left out of the September restart rush on Wednesday, but more traditional emerging markets are likely to be left sidelined until after the US Federal Reserve decides to raise interest rates, said debt bankers.

Russia’s Vnesheconombank is in talks to sell Panda bonds, but the note will be placed next year at the earliest, said a source close to the borrower.

Gazprom is planning to issue a Eurobond in the last quarter of this year, and has been in preliminary discussions for a size of €500m-€700m for the deal, according to a source with knowledge of the company’s plans.

Estonia's Eesti Energia is looking to print a euro denominated Reg S bond.

Russian mining company Norilsk Nickel is undertaking series of investor update meetings in early September.

The governments of Indonesia and Russia both signalled earlier this week that they are considering issuing renminbi denominated bonds. If the plans go ahead, these will be the third and fourth RMB deals from a foreign sovereign after the UK and Mongolia governments. However, FX volatility means now is not the best time to pull off a RMB deal.

Ukraine debt has rocketed in value on the understanding that the country's Ministry of Finance has reached an agreement with its ad hoc creditor committee, settling on a 20% haircut on $18bn of debt.

Ukraine debt has rocketed in value on the understanding that the country's Ministry of Finance has reached an agreement with its ad hoc creditor committee, settling on a 20% haircut on $18bn of debt.

The recent stock market fall may help smooth talks with Ukraine’s creditors, according to an analyst in Kiev.

We remarked last week that emerging markets could face a difficult time ahead. Well, we didn’t have to wait long before the early manoeuvers in a possible currency war had an impact on sovereign CDS spreads.

The Polish parliament’s new plan to solve the country’s Swiss franc mortgage problem could cost Polish banks $6.2bn this year, wiping out profits for 2015 and 2016, according to Institute of International Finance (IIF) research published this week.