Central and Eastern Europe (CEE)

Ukrainian Railways (UkrZaliznytsa) has successfully restructured its $500m Eurobonds due May 2018 and will extend the maturity by three years.

Romania priced euro benchmark taps of its 2025s and 2035s on Thursday evening in London at new issue premiums of 10bp and 16bp, respectively, according to a syndicate official on the deal.

Bahrain joined Poland this week in the dubious honour of being downgraded by Standard & Poor’s after the pricing of a new bond but before settlement.

Romania is offering a 20bp new issue premium on taps of its euro-denominated 2025 and 2035 bonds, according to a lead manager on the trade.

Russia has filed a lawsuit against Ukraine in the High Court in London, with regards to the default on $3bn of bonds at the end of last year.

European Union ministers decided on Monday to permanently lift most sanctions on Belarus. But international banks remain wary of leading the country back to the Eurobond market.

MHP, the Ukrainian poultry producer, is asking holders of its Eurobonds maturing in 2020 to accept an amendment to the terms of its bonds which would prevent a covenant breach.

Ukraine's ministry of finance has announced plans to raise $5bn in the international markets according to its recently published debt management plan.

Currency and tenor have been left open in the RFP for Russia’s first sovereign bond since 2013. Recommendations to print in dollars are expected to dominate and some have said that a renminbi tranche is a possibility. But the RFP has aroused suspicion that it could be a ruse to raise funding for sanctioned entities.

Markit is preparing to launch what it said will be the first tradable emerging markets interest rate swap index.

Russia released a request for proposals late last week for its first Eurobond since 2013. Of the 23 banks that that received the RFP, “most” are expected to pitch for the bond, said bankers in London.

In this round-up, Charles Li promises Bond Connect and RMB derivatives, ICBC sees cross-border business booming, Moscow Exchange looks to connect with Chinese investors, offshore RMB (CNH) still a top three currency on the EBS FX trading platform, and China clarifies rules for foreign banks looking to join the onshore FX market. Plus, a recap of the top GlobalRMB stories this week.