CEE Bonds
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Context and market conditions are always important when considering the merits of any new issue, but this was particularly the case in 2022, given how volatile markets were. Every CEEMEA issuer had to pay a high all-in price to get their deal away, and new issue premiums varied between issuers. EM issuers faced the toughest conditions in many years during 2022. The Russian invasion pushed investors to flee from riskier assets. The war had practical effects too: disruption to energy and food supplies sent inflation soaring and the resulting interest rate rises meant borrowing costs jumped sharply for CEEMEA issuers. New issue volumes dropped from 2021, particularly among CEEMEA corporates. By George Collard and Oliver West. -
More debut issuers are expected in 2023, but the Ukraine war could deter buyers
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After a calamitous year in EM bonds, market participants are wary of predicting how the next 12 months could play out. Few foresaw the war in Ukraine — and even fewer the Covid pandemic, which influenced volumes for the two previous years. But there is some hope of normalisation in 2023, as GlobalCapital’s poll of bankers and investors shows. By Francesca Young.
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After a year of war, rate rises, inflation and political pressures on the CEEMEA region, fixed income markets have been badly shaken. Citi and JP Morgan’s vice-like grip on the top of the primary market league tables remains, though others have been forced to question their commitment to the emerging market bond markets. Francesca Young reports.
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Outflows from EM bond funds are not far off the $100bn mark in 2022, writes George Collard.
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A $1bn anchor order from an official institution bolstered Turkey's order book
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Investors have queried if a private placement and green bonds are an attempt to deflect from EU dispute over primacy of rule of law
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Sovereign will face elevated funding costs, believes bond buyer, if it is forced to come to market over fight with bloc
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The sovereign now wants to privately tap existing bonds instead of arranging new private deals
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Hungarian bank clinches €150m more than its minimum target
