CEE Bonds

International Finance Corporation has scored a double first in the internationalisation of local currency markets, printing its inaugural Georgian lari bond just days after selling the first ever offshore bond in Rwandan francs.

Alliance Oil has cancelled the consent solicitation on its $350m 9.875% 2015s it launched on February 6 and replaced it with a tender offer.

Turkey’s treasury department plans to issue TL1.8bn ($732.6m) of sukuk on Tuesday.

Fitch has downgraded Ukraine to CC from CCC as rebel fighting continues despite the ceasefire agreed last week. Analysts say the move from the agency was “inevitable and largely expected".

Two Russian corporates have been busy managing their liabilities. Severstal completed a buyback of its 2016 and 2017 bonds last week and Alliance Oil has filed a consent solicitation on its $350m 9.875% 2015s.

The Republic of Bulgaria has said it is mandating Citigroup, HSBC, Société Générale and UniCredit as arrangers and dealers on its €8bn global medium term note programme, according to a release on the country’s Ministry of Finance website. The programme was signed on February 6.

Russian Standard Bank finally secured investor consent to update its $350m 10.75% 2018 tier two capital notes this week, after a lengthy process that began in November. While the innovative deal could be used by other Russian banks to bolster their capital ratios, bankers say that few actually have the need to issue tier two debt.

A rally in Russian debt has given an immediate peace payout from the ceasefire in Ukraine, which starts on Sunday. But Ukrainian bonds have failed to pick up despite the IMF agreeing to increase its lending to the war-torn country with $5.8bn of new money, write Virginia Furness and Dan Alderson.

Russian Eurobonds have rallied after the leaders of Russia, Ukraine, France and Germany announced that a ceasefire would begin on February 15. This comes as the IMF agreed to increase its loan to Ukraine with $5.8bn of new money.

Renaissance Credit (RCCF) has offered bondholders of its $350m 7.75% 2016s the chance to sell their bonds back to the company for $730 for every $1,000 of bonds outstanding. RCCF wants to repurchase up to $100m of the bonds, according to two research reports. Around $264m are outstanding.

Russian Standard Bank has finally secured investor approval to update its 10.75% 2018 tier two capital notes, after a lengthy process that began in November.

The Republic of Bulgaria has said it is mandating Citigroup, HSBC, Société Générale and UniCredit as “arrangers and dealers” on its €8bn global medium term note programme, according to a release on the country’s Ministry of Finance website. The programme was signed on February 6.