CEE Bonds
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Russian Sberbank sold a $500m tap of its 5.499% 2015s on Tuesday, bringing the total size of the note to $1.5bn.
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VTB Bank issued a Sfr300m three year deal on Tuesday, which came 40bp-50bp inside its dollar curve on a swapped basis.
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Life returned to emerging European debt new issue markets this week with sovereign deals and the year’s first corporate new issues from the region. Other borrowers are lining up to follow these breakthroughs, according to banks and investors.
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Romania this week mandated Deutsche Bank, HSBC and EFG Eurobank to arrange a benchmark-sized Eurobond, but the fees the sovereign is paying on the deal have attracted unusually harsh criticism from some corners of the market.
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The flight from Russian assets gathered pace this week even as the queue of borrowers from the country hoping to issue in international debt and equity markets grew yet longer.
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International investors’ flight from Russian assets continued this week, causing steep declines in stock markets and the rouble. Added to the climate of volatility in emerging market debts, the prospects for Russia’s bond backlog look grim.