CEE Bonds
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Goldman gives new positions to Marsh, Verri and Sorrell — Bain picks ESG boss — Falth turns up at Mizuho -
The string of Russian deals in European equity capital markets recently has continued with a $600m sale of new shares and convertible bonds by Mail.ru Group, one of the country’s largest internet companies.
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The European Union has passed the penultimate hurdle delaying its €100bn Support to mitigate Unemployment Risk in an Emergency (SURE) programme, all but clearing the way for issuance to begin. But one country’s request for funds has not yet been granted.
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Romania’s promotion to secondary emerging market status in the FTSE Russell EM index is the spark its capital markets desperately need in order to grow, experts have said.
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Ukrainian steel and mining company Metinvest was one of several emerging markets issuers to tap bond markets this week. The deal was several times oversubscribed, confirming that investors are still on the hunt for yield and are willing to look to single B rated emerging market credits for that.
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Sovereign green bonds are becoming almost commonplace in Europe, but not all are convinced. Slovakia has no intention to enter the market, saying it is a costly exercise that “would not help anyone”.
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The Republic of Bulgaria issued a €2.5bn dual-tranche bond on Tuesday to support its expanding state budget, following a raft of its regional peers which are responding to the Covid-19 crisis with substantial deals.
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During the last week, Turkey’s currency has hit damning lows and the sovereign has been given another credit downgrade. Many say these events should prompt the country to enact serious fiscal and monetary reforms.
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The Republic of Bulgaria has mandated banks to arrange a dual tranche bond in euros, making it the latest sovereign to add to the swelling supply from the central and eastern European (CEE) region.
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Hungary returned to the Samurai market after a two year absence on Friday to sell the first ever sovereign green bond in the market, which formed part of its ¥62.7bn (€500m) four tranche deal, which the sovereign used to extend its debt curve while also introducing a new investor base to the credit.
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The Republic of Poland, the first European country to issue a Panda bond in August 2016, has finished the documentation process for its second onshore renminbi offering, GlobalCapital China understands.
