CEE Bonds

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.

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 unscathed. But some have suffered more than others, and a rare few have taken a larger share of a shrinking CEEMEA market.

Gabon has ended a weeks-long run of Middle East dollar benchmarks with a 10 year transaction, but National Bank of Abu Dhabi and Drake & Scull International are making sure the Middle East remains the driver of CEEMEA supply.

The Gabonese Republic and MFB Hungarian Development Bank have little in common, other than being the best prospects to break the Middle East’s dominance of the CEEMEA benchmark market.

Troubled Ukrainian steelmaker Metinvest failed to draw a quorum at a bondholder meeting on June 1 — part of a prolonged attempt to reprofile its debt.

Podemos, the anti-austerity political party in Spain, is mounting a strong challenge to traditional political parties with a general election due by the end of the year. Eduardo Gutiérrez, economic adviser to Podemos, talks to Victor Jimenez about the party’s plans if it comes to power.