CEE Bonds

The Warsaw Stock Exchange (GPW) has been spearheading Poland’s programme for building a regional financial centre. In this interview, the exchange’s president and CEO, Pawel Tamborski, shares his views on the prospects for the bourse at a local and international level.

Andrzej Raczko was Poland’s finance minister during the final stage of the country’s accession to the European Union in 2003-04. Today, he is a member of the management board at the National Bank of Poland. In this interview, he shares his views on the outlook for Poland’s economy and financial services industry with GlobalCapital’s Philip Moore.

As an indirect beneficiary of the European Central Bank’s quantitative easing programme, Poland started 2015 with an extraordinary rally, culminating in the printing of a Swiss franc bond with a negative yield — the first ever for an emerging market borrower. More recently though, yields have backed up as the ECB rally has run out of steam.

With the ruling party losing out in the recent parliamentary elections some observers predict that the sovereign is in danger of losing its haven status among international investors. But Poland’s domestic bond markets tell a different story with zloty debt holding firm despite the country’s political road bumps. Virginia Furness reports.

Reinsurance company Swiss Re has received the first RMB qualified foreign institutional investor licence in Switzerland. Meanwhile, Singapore-based UOB Asset Management has told GlobalRMB that it will launch three new RQFII products before the end of 2015.

The Republic of Kazakhstan has hired Citi and JP Morgan, which both led its last bond, to arrange a dollar Reg S/144A bond. Investor meetings for the note start on Wednesday.

Russia’s Industrial Metallurgical Holding (KOKS Group) has extended a consent solicitation offer linked to potential new public bond deal.

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.