Central and Eastern Europe (CEE)
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In this round-up, China's central bank appoints a new deputy governor, first foreign banks with direct access to China’s onshore foreign exchange market are named, the first RMB certificates of deposits (CDs) settle in the US, and eight new RMB qualified foreign institutional investor (RQFII) licences. Plus, a recap of our stories this week. -
Romania was on track to printed a €1bn 12 year euro-denominated note with a 10bp new issue premium in less than ideal market conditions on Thursday.
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The European Central Bank’s corporate sector purchase programme will distort CEE corporate bond prices, said bankers this week. And while issuers have so far been slow to react in bringing new deals to market, two CEE corporates printed successful euro denominated bonds this week.
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Romania was on track to print a 12 year euro-denominated note on Thursday having launched the €1bn trade at 225bp over mid-swaps.
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Czech Railways printed its €400m seven year bond on Wednesday attracting buyers looking for a pick-up over tightly trading western European corporate debt.
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Ceské dráhy, the 100% state-owned Czech national railway operator, launched its €400m seven year bond on Wednesday after tightening price guidance twice.
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Hungary still plans to issue renminbi debt in Panda bond format as well as a euro-denominated note following its successful placement of a dim sum note last month, György Barcza, CEO of AKK, Hungary’s debt management office, told GlobalCapital.
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Slovenia took advantage of low euro funding costs this week to prudently manage its debt by swapping out of dollars and into euros.
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Investors in the IPO of Moneta Money Bank — the biggest in Emea so far this year — have made nearly a 10% return on their money, after the shares traded up for the fifth successive day on Thursday, despite a fall in profits.
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Central and eastern European sovereign bond issuers can more and more rely on rates investors to come into their bond deals. But many of these borrowers are still handled by investment banks’ emerging market teams. So when is an issuer SSA rather than EM?
