Central and Eastern Europe (CEE)
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Turkey has picked banks for its third benchmark of the year and its first since 2017 to be issued using sukuk documentation. Bankers say another Turkish borrower could mandate before the end of the week. -
The Republic of Latvia hit screens on Monday to announce a 30 year euro benchmark — breathing life back into what has been a rather quiet Central and Eastern European bond market.
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Akbank is kicking off the first set of refinancings of the year for Turkish banks, launching its syndication with a smaller volume and tighter margins than last year’s deal. But lenders are divided on whether the deal represents an achievement for the Turkish bank, or betrays an outlook festooned with risk. Mariam Meskin reports.
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Russian president Vladimir Putin’s suggestion that he will extend the country’s capital amnesty by a year is good news for the country’s capital markets and a step forward in making the country less dependent on international, and primarily western, investors.
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Gazprom, the Russian state oil and gas company, printed its $1.25bn 5.15% 2026s on Wednesday, with a book that peaked at over $5bn and with pricing estimated at 5bp-10bp inside its own curve, according to lead managers. The bond was the first from Russia in dollars since the US sanctions imposed on the country last April.
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Gazprom, the Russian state oil and gas company, has released price guidance for its seven year dollar benchmark bond, offering a 15bp new issue concession, according to investors. Credit Bank of Moscow is also queued for a return to the international bond markets next week in euros. Russian issuers are re-emerging after some of the US sanctions were lifted last month, improving sentiment.
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Turkish President Tayyip Erdogan said on Tuesday that Isbank will become the property of the country's finance ministry, in what a US-based investor said he saw as a 'further consolidation of Erdogan power'.
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Russian state-owned oil and gas giant Gazprom announced the mandate for a new dollar benchmark bond on Thursday, just days after a well-flagged move by the US Treasury to lift sanctions on Rusal and EN+. Market participants hailed the move as providing a more “constructive” and “encouraging” environment for Russian bonds.
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State-owned Russian oil and gas giant Gazprom is embarking on a US roadshow with investors keen to take a look, ignoring any threat of possible further sanctions from the country.
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The hopes of emerging markets participants were proven well founded on Wednesday when US Federal Reserve chair Jerome Powell walked back from the aggressive trajectory of rate hikes he had previously suggested.
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The US sanctions slapped on Petroleos de Venezuela (PDVSA) this week look similar to those that have just been removed from Russia’s EN+ and Rusal. The move indicates that the US believes in the effectiveness of sanctions and is happy to keep deploying them. Emerging markets investors should beware.
