Central and Eastern Europe (CEE)
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Romania returned to the euro market with a reopening of its May 2028s on Wednesday morning. -
Turmoil in Turkish bond markets put a dampener on Monday’s open after Moody’s junked the sovereign's credit rating. But with activity in the Middle East and, after a two year absence, Nigeria, the stage is set for a busy few weeks in EM.
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Vakifbank’s €500m five year covered bond has rallied after Moody’s cut its rating and those of five other Turkish covered bond issuers. The move implies that the rating downgrade has not delivered a fatal blow to prospective Turkish supply.
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Russia’s EuroChem is the latest issuer from the country to conduct a liability management exercise and is planning to refinance a buy-back of its $750m 2017s with a new dollar bond.
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Some Turkish banks will have to pay an extra 25bp on loans after Moody’s downgraded 14 borrowers on Monday, triggering ratings ratchets. Vakifbank signed a loan refinancing just hours before Moody’s hit it with a downgrade.
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Days after China made the landmark decision to appoint a US renminbi clearing bank, it has made yet another clear political statement by appointing Industrial and Commercial Bank of China Moscow as Russia’s clearing bank, with a bond market link also in the making.
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Yapi Kredi Bank is in the market with its annual loan refinancing, as Turkey’s sovereign rating received its second downgrade of the year on Friday, putting Yapi in line to follow.
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Moody’s cut Turkey’s investment grade rating to junk on Friday, as anticipated, but comments the agency made last week caught investors off guard. However, despite the initial sovereign sell-off, a rally has begun.
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With a $7.5bn book and a deal sold wholly to international investors, Russia returned to the capital markets in style on Thursday, shrugging off the ghosts of failure that blighted its return in May.
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With clearing concerns behind it, Russia’s $1.25bn tap of its 2026s bonds was met with massive demand on Thursday — the book was reported to be over $6bn — but some say a moral dilemma remains.
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