CEE Bonds

A credit event auction on Tuesday for swaps referencing the Republic of Ukraine will be the fastest that has ever been put together in the history of the derivatives contract, lawyers have said.

Gazprom may issue a euro denominated note next week, the first corporate new issue from Russia in 2015. But although it is viewed as a positive sign for the market, it won't necessarily herald a wider market re-opener for the country.

Gazprom has released roadshow dates for a euro bond, but is going ahead with the meetings without Deutsche Bank on the mandate.

Ukrainian steelmaker Metinvest has been notified that holders of in excess of 50% of the outstanding principal amount across its $85.2m 10.25% 2016s, $289.7m 10.5% 2017s and $750m 8.85% 2018s have formed an ad hoc committee.

An evolution is happening in emerging market issuers’ use of yen funding. For many years, many of them have only been able to issue Samurai bonds by using JBIC’s GATE (Guarantee and Acquisition toward Tokyo market Enhancement) programme, but steadily more of them are stepping up to standalone issuance. At the same time, benchmark borrowers are bringing along less established issuers from the same countries in their wake

The Ukrainian government has released the exchange offer for its sovereign Eurobonds, amended from what was previously announced.

The Ukrainian government has released the exchange offer for its sovereign Eurobonds, amended from what was previously announced.

Avangard, Ukraine’s largest egg producer, has appointed a Swiss bank as sole solicitation agent for its planned Eurobond restructuring.

The International Swaps and Derivatives Association ruled on Wednesday that Ukraine has not triggered a repudiation/moratorium credit event following the country’s recent decision to freeze payments on debt.

The IMF’s Christine Lagarde has urged Ukraine’s creditors to vote in favour of restructuring resolutions at a series of meetings the Ukrainian government has scheduled for October.

Albania has set roadshow rates ahead of its second ever Eurobond.

Iron ore pellet producer Ferrexpo’s talks to reprofile pre-export finance (PXF) debt have taken on an added urgency, after a Ukrainian lender in which the firm held some $174m was declared insolvent.