CEE Bonds
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Reports that the European Central Bank (ECB) could ask banks to suspend dividend payments until the end of 2020 sent subordinated debt higher and stocks lower this week. -
Krylyo Shevchenko, the chairman of state-run Ukrgasbank, has been selected as the new governor of the National Bank of Ukraine (NBU) after weeks of deliberation. The choice has elicited a mixed reaction from market spectators, some of whom hope that Ukraine can salvage its international debt market access and IMF funding. Mariam Meskin and Ross Lancaster report.
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Tengizchevroil (TCO), the Kazakhstan crude oil company jointly owned by four international commodity companies including Chevron and ExxonMobil, launched a bond on Tuesday in search of five and 10 year funding from investors.
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Ukraine's access to both IMF funding and debt markets was at "high risk" as concerns arose over the candidates to be the next governor its central bank. The IMF warned president Volodymyr Zelensky on Tuesday of the importance of maintaining the National Bank of Ukraine's independence, which some say highlights how critical the choice of governorship will be.
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The European Central Bank will begin supervising financial institutions in Bulgaria and Croatia from October 1, as the two countries prepare to join the euro. Firms entering the Banking Union for the first time will also fall under the Single Resolution Board’s remit for the minimum requirements for own funds and eligible liabilities (MREL).
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Kazakhstani crude oil company Tengizchevroil held an investor call on Monday ahead of its first entry into debt capital markets since 2016. The bond will add to the company's existing balance sheet, which has billions of dollars of outstanding loans and bonds up for redemption in coming years.
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Emerging market corporate bond supply grew on Thursday, with a strong showing from the Central and Eastern European region added to by Czech Gas Networks.
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Central and Eastern European commercial real estate operator NEPI Rockcastle issued a green bond on Tuesday, attracting new investors to its debt.
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Following the high drama in Ukraine last week when the sovereign pulled a long anticipated bond issue after the governor of the central bank resigned just after the deal was priced, investors are now casting a cautious eye on who will take over.
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Bankers and investors say FIG issuance will return to the fore after a sovereign-dominated first half of the year. Three bank issuers this week showed that the market is open for non-sovereign issuers. As fears of a second wave of Covid-19 infections and November's US presidential elections threaten volatility, some say the usually quiet summer period may be inundated with EM issuance.
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