Central and Eastern Europe (CEE)

Poland's Bank Pekao is planning to tap the Eurobond market for the first time in 2020, in order to set down a senior benchmark for the subsequent issuance of capital ratio raising bonds, according to Pawel Rzezniczak, head of investor relations and corporate development at the bank.

Bankers and investors have expressed their irritation at the US's new set of sanctions on Russia. The latest punitive actions stop US financial institutions from extending debt financing in the primary market to the sovereign.

With emerging market loan bankers puzzling over what the latest round of US sanctions against Russia mean for syndicated lending in the country — an activity already well muzzled by proscriptions — Moscow bankers were defiant that they would be ineffective.

The US Treasury's fresh round of sanctions on Russian sovereign debt has thrown yet another obstacle in the way of international lenders, who are bracing themselves for indirect impact on the already faltering syndicated loans market.

Emerging market loan bankers have been trying to understand the impact on syndicated lending of the US’s latest sanctions on Russia. The proscriptions have instilled more uncertainty into a collapsing market.

Russia was slapped with sanctions this week that stop US financial institutions from participating in primary issuance from the sovereign. So far, so terrifying as – eek!— Russia’s main artery of finance has been cut. Only it hasn’t been, not really. Don’t be too surprised if the Russia sovereign comes out soon with an international bond to prove it.

EM investors are calling the US Treasury’s latest round of sanctions — this time on Russian sovereign debt — confusing and knowingly ineffective.

Ready and willing equity investors are facing another year of frustration in Russia, with the country's IPO activity set to underwhelm until 2020.

The US has imposed sanctions on Russian sovereign debt in response to the use of a banned nerve agent in the attempted assassination of Sergei Skripal, a former Russian spy. However, the sanctions are not severe enough to have damaged demand for Russian bonds in the secondary market.

Corporate borrowing activity is expected to be sustained throughout the second half of the year as borrowers "take advantage" of the liquidity in the loan market. The expectation comes in the aftermath of two large dividend recapitalisation transactions by Polish corporates, Allegro and Żabka, in the second quarter.

Sibanthracite to switch loan from dollars to euros — IGT cuts size, stretches tenor of bank debt — Keywords hits power up on revolver — Resolute turns to lenders to refi M&A debt — Future taps revolver for Smartbrief buy — Fraport enters the Schuldschein market for more

The US Federal Reserve delivered a 25bp rate cut as expected on Wednesday, but the signalling failed to satisfy investors desperate for more accommodative policy, causing a mild sell-off in emerging markets.