CEE Bonds
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Market participants agreed the US could have imposed far harsher sanctions on Turkey this week, which helped to fuel a slight rally in local risk assets on Tuesday morning. -
Romania will need to make progress towards fiscal consolidation once a new government is formed, according to rating agencies, as it is now dangerously close to slipping into speculative grade territory.
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Ukraine, which has proven itself a favourite of emerging market investors this year, has slipped into international markets for a small dollar tap before year-end. The trade comes amid strained negotiations between Ukraine and the IMF over the disbursement of emergency funding.
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With returns on developed market bonds being squeezed as never before, debt analysts are heralding emerging markets as the place for investors to be in 2021. Yet the faster the global economic recovery, the more vulnerable EM fixed income will be to what has often been its downfall: any signal of tighter global liquidity conditions, write Mariam Meskin and Oliver West.
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Southeastern Europe's Montenegro sold a euro bond on Wednesday which bankers say, especially because of its timing, is simply another sign of emerging market issuers being enticed by the strong credit conditions on offer.
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Emerging market bond mandates are continuing into the last month of the year, despite expectations that activity would quieten down after a jam-packed year of issuance. Kuwait’s Burgan Bank and Montenegro are among some of the CEEMEA issuers seeking to take advantage of unfalteringly attractive credit conditions.
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Despite the market volatility and uncertainty that have gripped emerging market bond markets in 2020, green and ESG-linked issuance has continued to grow, and market participants expect further expansion next year.
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Emerging market borrowers seem to be enjoying unfettered access to the capital markets, but many are now questioning whether this Covid-induced debt spree can be sustained in the long run. With fiscal support packages likely to be needed in 2021, investors will be sifting through EM governments to see which will be able to borrow and which will be left behind, writes Mariam Meskin.
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Turkey's largest city, the Istanbul Metropolitan Municipality, hit markets on Wednesday, seeking to raise dollars in a rare debt-raise. The deal is one of three major bonds from Turkish issuers in the last week.
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Ukraine is planning for a lower budget deficit in 2021 but the country is more than confident of its debt issuance abilities and its chances of reaching an agreement with the IMF, the debt management office told GlobalCapital. Another Eurobond issue could be on the way soon.
