CEE Bonds
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Russia plans to open its first Islamic bank in the Republic of Tartarstan by the end of the year, Linar Yakupov, president and head of Islamic finance at the Kazan based Islamic Business and Finance Development Fund (IBFD Fund), told GlobalCapital Emerging Markets. -
Ferrexpo, a Ukrainian iron ore pellet exporter, has attracted bondholders holding $214.3m of its $500m 7.875% 2019s to its exchange offer. The minimum participation condition of 60% of the notes was not satisfied but the issuer has decided to waive it in order to accept the notes.
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Renaissance Credit completed a buyback of its 7.75% 2016s on Friday but the recent Russian Eurobond rally meant that many investors decided to hold onto the bonds.
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Moody’s downgraded Russia to sub-investment grade on Friday, prompting a 15bp-20bp sell-off in spreads after a 100bp tightening the previous week.
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Kazakhstan is working on a sovereign sukuk following the country’s successful return to the Eurobond market in 2014, a central bank official told GlobalCapital Emerging Markets.
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International Bank of Azerbaijan closed its debut commercial paper deal on Friday.
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Promsvyazbank (PSB) has repurchased $110.5m of its senior and subordinated notes as it attempts to manage its liquidity.
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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.
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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.
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Turkey’s treasury department plans to issue TL1.8bn ($732.6m) of sukuk on Tuesday.
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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".
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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.
