Central and Eastern Europe (CEE)
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A €5bn wall of demand chased a trio covered bonds issued on Monday by Société Générale, PKO Bank Hipoteczny and Deutsche Pfandbriefbank and showed that, after a shaky start to 2019, the market has now found form. -
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Emerging market corporate borrowers have little in the way of funding needs and, where they do expect to issue, are eyeing new formats to diversify rather than issuing more Eurobonds.
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The US Senate on Wednesday rejected legislation that would keep sanctions on companies linked to Russian oligarch Oleg Deripaska, including aluminium firm and bond issuer Rusal and London-listed energy company En+. Although many investors and bankers are hailing this as a victory for Russia that could reopen the international capital markets for its issuers, others are concerned that it makes further US sanctions against other Russian entities more likely. Francesca Young and Sam Kerr report.
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Turkey’s export-import bank (Turk Eximbank) raised $500m with a five year bond on Wednesday, becoming the first Turkish borrower, apart from the sovereign itself, to access the market since the lira crisis. The deal benefitted from a relief rally following a Turkish central bank meeting on Wednesday.
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Turkey’s export import bank raised $500m on Wednesday, returning to the bond market for the first time since the Turkish currency crisis in 2018, benefiting from a relief rally following the Turkish central bank meeting on Wednesday.
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The Turkish Central Bank kept interest rates unchanged at its meeting on Wednesday – a great relief to investors who feared the country might make another monetary policy misstep.
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At the Central and Eastern European Forum hosted by Euromoney in Vienna, central bank governors, chief executives and other market leaders gathered to discuss challenges and strengths for the region's markets. Despite monetary difficulties and geopolitical tensions within the region, bankers were optimistic, particularly for the syndicated loan market.
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Turk Eximbank has released initial price guidance for a $500m five year senior unsecured bond.
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No emerging markets issuer has yet hit screens this week to capitalise on the exceptional momentum of last week’s market.
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In this round-up, the renminbi reached its strongest value against the dollar since July, December exports and imports volumes dropped, and trade volumes between China and Russia reached a record high.
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