CEE Bonds
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Russian firm Industrial Metallurgical Holding (IMH) exchanged $150.8m of its June 2016 notes into a new 2018 deal this week, but not enough to allow it to bring fresh investors into the new note.
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Peru’s Corporación Financiera de Desarrollo (Cofide) proved Latin America’s resilience amid widespread volatility with an $800m two part deal this week. In CEEMEA, Poland added its name to the pipeline of mandates hoping for a window.
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A senior originator at Erste Bank in Vienna is leaving the firm.
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Ripples from Greece’s weekend referendum reached the CEEMEA market on Monday. But a lack of recent bond issuance against crashing yearly volumes meant the immediate impact was minimal, and debt bankers are not ruling out deals this week.
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Turkey’s firms top the list of EMEA corporates most at risk from rising US interest rates and a stronger dollar, said Fitch. Although the countries with better hedged corporates are suffering from other problems, and not necessarily in a position to benefit.
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Bank Saint Petersburg is offering to repurchase a total of up to $50m of its $100m 10.5% 2017s and $101m 11% 2018s.
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Czech corporate Severomoravské vodovody a kanalizace Ostrava (SmVak) has picked banks for a rare Reg S local currency deal.
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It's been a good week for Europe's renminbi ambitions with the State Administration of Foreign Exchange (Safe) extending a Rmb50bn RMB qualified foreign institutional investor (RQFII) quota to Hungary, while China Construction Bank (CCB) listed its RQFII ETF on Paris’ Euronext. -
Although those in the CEEMEA bond market seem to have given up for the summer already, two SSAs — International Finance Facility for Immunisation and the International Finance Corporation — as well as Arab Petroleum Investments Corp have mandated banks for a sukuk.
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Europe's investment grade corporate bond market is in shutdown, but the mood is calm among bankers, and most issuers are comfortable biding their time on the sidelines.
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Turkey’s use of the international syndicated loan market has not regained its pre-crisis heights, when companies and banks borrowed over $50bn in 2006 and 2007.
