Central and Eastern Europe (CEE)

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.

The pent-up demand from equity owners to sell down blocks of shares was evident again on Thursday evening, as two deals were launched, after the Euro Stoxx 50 had managed to rise 0.3% on the day.

The arid landscape for equity block trades so far this year in EMEA was brightened on Wednesday by two evening sales, both with a Russian flavour and involving elite clients.

The shake-up in world economic affairs produced by the plunging oil price threw up a new result this week, as news emerged that Russia’s president Vladimir Putin wants to push forward privatisation of some of the largest state companies.

DCC — SIG — Capital & Regional — Transcom — North Energy

Metinvest has swerved a default of its Eurobond due January 31 after bondholders voted to approve a waiver which will enable the issuer to restructure its debt without triggering a cross-default clause.