Central and Eastern Europe (CEE)
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Standard & Poor’s unexpectedly downgraded Republic of Poland to BBB+ on Friday, causing a large sell-off of the sovereign’s debt just a week after it printed a dual tranche €1.75bn Eurobond. -
Republic of Poland’s €1.75bn dual tranche market reopener underperformed on the break on Tuesday. The deal drew criticism for printing too tight and too wide, based on which comparable was used, but the Polish Ministry of Finance called the note a success.
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Two deals from Poland and Slovakia this week showed how emerging market borrowers and their bankers need to come up with new ways to price CEE bonds, and fast. With European quantitative easing distorting secondary prices to the point of uselessness, deals should now factor in a ‘liquidity premium’, writes Virginia Furness.
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In a starved Russian loan market peppered with asset backed loans, three Chinese banks have lent a highly prized unsecured credit facility of Rmb4.8bn ($730m) to Russian mining company Norilsk Nickel. It is the latest sign of the increasing importance of Chinese money in a Russian economy increasingly squeezed by international sanctions and falling oil prices. Elly Whittaker reports.
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Hungary will not issue a dim sum bond until a period of sustained stability is seen in the Chinese markets, said bankers on Wednesday.
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Poland’s new euro denominated dual tranche bond slumped after pricing. But one bad bond should not put off other issuers. There are plenty of reasons why CEEMEA trades should work — if bankers do their part.
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Republic of Poland’s €1.75bn dual tranche market reopener underperformed on the break on Tuesday. Bankers away from the mandate said the deal was too tight with the leads wrong footed by illiquid secondary levels, but the Poland ministry of finance called the note a success.
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Republic of Poland offered a healthy concession in the early pricing stages as it ventured into the markets with the first bond from CEEMEA in 2016 on Monday.
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The Russian Ministry of Finance is living in a fantasy land if it thinks the IMF will have to reconsider its support of Ukraine under the Extended Fund Facility Agreement, according to analysts.
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Hungary will meet investors in Hong Kong and Singapore as it prepares to issue the first ever sovereign dim sum bond from the CEEMEA region.
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Hungary will meet investors in Hong Kong and Singapore as it prepares ground to issue the first ever sovereign dim sum bond from the CEEMEA region.
