CEE Bonds
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Poland has become the first CEEMEA country outside the eurozone to sell a bond with a negative yield since the onset of the coronavirus pandemic. -
The shock resignation of the governor of Ukraine’s central bank on Wednesday night led the sovereign to pull its much-anticipated Eurobond, which had priced just moments before. As investors grow more unsettled, experts fear for the sovereign’s access to institutional funding and capital markets, writes Mariam Meskin.
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Ukraine was set to issue a highly anticipated bond on Wednesday, having started pricing with what some experts called "impressive" initial price thoughts. The deal follows one from Poland, which secured three year money at a negative yield in euros on Tuesday.
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Assicurazioni Generali and Uniqa Insurance are each looking at selling tier two capital from their green bond frameworks, using a quieter period in the new issue markets to explore more complicated and multi-faceted transactions.
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Akbank, the top tier Turkish bank, approached investors for a dollar benchmark bond on Tuesday. The deal comes amid expectations that emerging market investors have finally opened up for corporate and financial institution issuance.
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The Republic of Poland on Tuesday launched a three year euro bond, while Ukraine mandated banks for a 12 year dollar benchmark. Though bankers say the window is finally open for emerging market corporate issuance, there remains robust appetite for govvie debt.
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Emerging market investors are anticipating a wave of corporate and FIG issuance from across the CEEMEA region, which they say will be welcomed with open arms. Russian petrochemical company Sibur is the latest such borrower looking to being a new bond, hosting investor calls on Monday.
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Just one week after selling $1.25bn of bonds, Belarus’s yield curve has widened as protests hit the country.
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The coming months are crucial in determining how ambitious the European Union will be in decarbonising its economy to fight climate change over the next decade.
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Covered bonds issued by SR Boligkreditt and Vseobecna uverova banka (VUB) this week were well subscribed, reflecting the generous spreads they paid compared to deals by issuers from core Europe.
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The Republic of Belarus ditched euros on its return to bond markets on Wednesday, printing two dollar tranches on which it was able to ratchet pricing tighter.
