CEE Bonds
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The announcement of a partnership between the China Financial Futures Exchange (CFFEX) and Moscow Exchange (Moex) on July 15 comes on the back of rapid growth in RMB usage for trade and investment in Russia. And closer ties are on the cards now that infrastructure is being put into place to make Moscow an RMB hub, Riccardo Orcel, deputy CEO of VTB Group, told GlobalRMB. -
Slovenia gave CEEMEA the privilege of producing the first post-Greek agreement Eurozone sovereign deal this week. Pricing with only a single digit new issue premium and a pack of investment grade accounts in the book proved the sovereign is increasingly leaving its EM roots behind. But the success will still raise hopes among CEEMEA governments looking for duration.
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Armenian financial Ardshinbank priced a $100m five year amortising deal on Wednesday, and became one of only a handful of CEEMEA borrowers in recent years to offer a 12% yield.
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Ak Bars Bank has mandated Credit Suisse and UBS to arrange a Eurobond. If the deal goes ahead, it will be the first new issue from Russia this year.
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Georgian firm Rustavi Azot released price guidance for its $180m five year non-call three notes on Thursday, and now expects to price the bond on Monday.
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The Russian government has joined a growing group of sovereign CPI-linked bond issuers, and analysts expect the government to return for at least one more sale this year.
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Gazprom is asking for consent to modify the terms and conditions of its £500m 5.338% loan participation notes due 2020.
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Rustavi Azot released price guidance for its $180m five year non-call three notes and now expects to price the bond on Monday.
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Armenian financial Ardshinbank priced a $100m five year amortising deal on Wednesday, and became one of only a handful of CEEMEA borrowers in recent years to offer a 12% yield.
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The FIG market is in need of a core European champion to restore confidence after the less than stellar performance of the periphery on Wednesday, say bankers.
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The Russian government has joined a growing group of sovereign CPI-linked bond issuers, and analysts expect the government to return for at least one more sale this year.
