Central and Eastern Europe (CEE)
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Russian Railways successfully revived the Eurorouble format on Friday with a well received seven year deal. -
In a first for the Russian loan market since EU and US sanctions were imposed on the country, a borrower has agreed an unsecured dollar loan. Norilsk Nickel has signed a $500m deal from five lenders.
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GE Capital has completed the first sell-down of shares in Moneta Money Bank, the Czech commercial lender, since its Ck20bn (€739m) Prague IPO in May.
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When Standard & Poor’s (S&P) downgraded Poland from A- to BBB+ on January 15th, it was not just the Polish authorities that were astonished by the announcement. According to the Ministry of Finance’s website, which described the rating action as “incomprehensible”, a Reuters survey published the previous day suggested that fewer than one in three investors expected a downgrade. Among other agencies, this year Moody’s has revised its rating on Poland from stable to negative, while Fitch has left its stable rating unchanged
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It is only a year since our last report in GlobalCapital was published, but so much has changed. Our country has opened a completely new chapter. Different ideas, opportunities, and challenges. Different standards that are set higher, targets that are more ambitious. And the world itself has changed substantially. Paradoxically, the world we are chasing appears to be rather fragile.
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Piotr J Szpunar joined Poland’s central bank, Narodowy Bank Polski, in 1995 and became deputy head of the macroeconomics department in 2002. In 2007, he was appointed head of the financial system department, and he now serves as advisor to Adam Glapiński, who replaced Marek Belka as governor in June. In this interview with GlobalCapital’s Phil Moore, Szpunar shares his thoughts on the prospects for Poland’s economy and monetary policy, as well as on the outlook for the banking system.
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Zdzisław Sokal is the President of the Bank Guarantee Fund (BGF) and an adviser to the President of the Republic of Poland. He also serves as a member of the Polish Financial Supervision Authority. In this interview with GlobalCapital, he discusses the role of the BGF and the challenges facing the Polish banking sector today.
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Having worked for a number of local and international companies in the financial services sector since 2004, Piotr Nowak was appointed undersecretary of state in Poland’s Ministry of Finance in December 2015. In this interview with GlobalCapital’s Phil Moore, he outlines his thoughts on Poland’s funding strategy and the outlook for the economy.
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Turkish funding officials are hopeful covered bond supply will improve in 2017 as new debut names surface and deals price tighter than the sovereign.
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Turkey’s spreads have not recovered almost a week after Moody’s junked its credit rating, but bankers insist the sovereign and other Turkish borrowers will have access to the capital markets once stability has returned, even if borrowing costs rocket. Virginia Furness reports.
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Russian Railways will attempt to revive the eurorouble format on Friday following a hugely successful dollar market return the previous day.
