CEE Bonds
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The CEEMEA market on Friday was in the strongest shape it has been in for several weeks, with an IMF agreement for Ukraine helping calm concerns about market volatility. Some analysts are reporting rising inflows from global investors into the EM asset class, and with debt bankers predicting a busy April looming, the timing could not be better. -
The European corporate bond market had already seen plenty of fireworks by Wednesday but there was no let-up on Thursday.
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The international response to Crimea has been decided. All that remains is a few brief months of playfighting, with weak politics and even weaker sanctions.
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mBank, Commerzbank's Polish unit, issued a €500m five year bond this week, in a deal that successfully struck a balance between emerging market and investment grade specialists. The issuer trades too tight for some emerging market accounts and is not a natural choice for investment grade buyers but drew enough demand from both groups to price an oversubscribed bond with only a minimal new issue premium.
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Emerging market sovereigns could take a close look at the Norwegian kroner market in the near future, according to syndicate bankers. The Slovak Republic recently sold its debut deal in the currency, a Nkr3.4bn ($562.8m) dual tranche trade.
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Emerging market sovereigns could take a close look at the Norwegian kroner in the near future, according to syndicate bankers. The Slovak Republic recently sold its debut deal in the currency, a Nkr3.4bn ($562.8m) dual tranche trade.
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Bankers and analysts are divided over whether the West’s sanctions on Russia are likely to tighten. But even if they do, Russian banks and companies could survive being shut out of international bond markets for 12-18 months without a ratings downgrade, said Fitch analysts this week.
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mBank closed a successful €500m five year bond this week. The issuer trades too tight for some emerging market accounts and is not a natural choice for investment grade buyers. But it drew enough demand from both groups to price an oversubscribed bond with only a minimal new issue premium.
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The international response to Crimea has been decided. All that remains is a few brief months of playfighting, with weak politics and even weaker sanctions.
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Polish financial mBank started execution on a senior unsecured bond on Monday morning. The Commerzbank subsidiary is aiming to attract investment grade and EM investors into the deal, it's first since a rebranding late last year. But the outlook for more traditional CEEMEA supply was uncertain, said debt bankers.
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Russian Railways’ chairman of the board Vladimir Yakunin has been added to the list of individuals subject to US sanctions. But investors in the state-owned company seemed reluctant to single the company out for punishment as a result, with its new bonds only selling off around 30bp since yesterday morning, in line with other Russian bonds such as Gazprom.
