CEE Bonds

After months of unsuccessful debt negotiations Ukrainian steelmaker Metinvest has had enough of a troublesome Eurobond holdout group, and said it will go to court to in an attempt to push through a planned reprofiling.

Turkey’s capital markets may be in a tough spot, but they have been here before. Much, both for Turkey and for its ardent and admiring league of global investors, depends on securing political stability, then ensuring that the country gets the sort of reform-minded political leaders that it needs. Then and only then will there be a strong pick-up in capital markets activity. Elliot Wilson reports.

The bulk of respondents to Ferrexpo’s exchange offer have voted in favour of the issuer’s plans, the company said this week.

As Ramadan begins, the international sukuk market’s run rate is on track to make 2015 the largest year for issuance ever. Several mandates have recently been added to the pipeline, giving fresh fuel to the sukuk sector’s fire.

The bulk of respondents to Ferrexpo’s exchange offer have voted in favour of the issuer’s plans, the company said this week.

Middle East mandates are keeping CEEMEA supply hopes alive in a difficult market, and even Ramadan’s arrival will not close the window for new deals.

Ukraine’s Oschadbank has reached a reprofiling agreement with an ad hoc committee representing holders of its dollar Eurobonds.

Russia’s Industrial Metallurgical Holding (KOKS Group) has picked banks for a potential 4.5 year dollar bond deal, which would be the first international Russian corporate bond for seven months.

State-owned MFB Hungarian Development Bank finished a roadshow on Wednesday for its first euro bond for four years, and has picked a tenor. But market turmoil has left it facing unacceptable spreads, and waiting for a better window.

Moscow may have only secured a Rmb150bn ($24bn) currency swap line with the People's Bank of China in October 2014, but local banks and exchanges have already built solid businesses around the RMB needs of commodities giants and other corporate and banking clients. GlobalRMB spoke to Igor Marich, managing director, money market business, at the Moscow Exchange (MOEX) about recent developments in its RMB product offering.

Kazakh Tsesnabank is embarking on a non-deal roadshow in London.

As the half year point of 2015 approaches, year to date CEEMEA volumes are at their lowest in six years. No bookrunner has escaped the plunge in volumes although a couple of institutions have managed to beat the odds and take a larger share of a shrinking CEEMEA market.