CEE Bonds
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Belarus's sovereign bonds tumbled on Monday morning at the prospect of further EU sanctions. -
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The Republic of Turkey demonstrated its access to international markets this week with a four times oversubscribed sukuk. But the deal does not represent an access-all-areas pass to the capital markets for the borrower, following a turbulent period that has seen little change to appease investors, writes Mariam Meskin.
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Emerging market investors appeared calm but hopeful as Russian president Vladimir Putin and his US counterpart Joe Biden prepared to meet in Geneva on Wednesday. It is hoped that the summit will quell tensions between the two countries.
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Turkey's Akbank launched a dollar sustainable bond on Tuesday, just months after it raised its first ESG-linked syndicated loan.
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Turkey launched a June 2026 dollar sukuk on Tuesday, which some market participants believe is set to come "cheap" as the sovereign looks to extend its curve in the asset class.
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Turkey has re-entered the debt capital markets with the intention of selling a Sharia-compliant bond, a sukuk. The proposed deal, which some say could come at a premium, was announced just days after Saudi Aramco achieved an enormous order book on its debut sukuk.
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Georgian Railway steamed into the green bond market on Thursday, raising a benchmark dollar bond.
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Georgian Railway and Togo-headquartered Ecobank Transnational launched a green bond and a sustainability-linked bond, respectively, on Thursday.
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Turkey’s credit metrics took another hit this week after contradictory statements on interest rates from president Recep Tayyip Erdoğan and central bank governor Şahap Kavcıoğlu. Market participants said the environment for foreign investors is rocky, and any new sovereign Eurobond would have to offer a "big premium".
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Hungarian Development Bank is set to return to bond markets as it seeks €500m of funding, a year after it last raised international debt.
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Belarus this week gave investors a chance to demonstrate the ESG credentials they are often so keen to trumpet. Few took it. Although the country’s sovereign bonds sold off in the wake of the controversial arrest of a journalist on Sunday, investors gave a number of reasons why issues such as human rights violations were no deterrent to buying an issuer’s bonds. But there are signs those excuses may not hold up for ever, writes Mariam Meskin.
