Central and Eastern Europe (CEE)
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Lithuania plans to stay out of what has been a tough opening for central and eastern European sovereigns, as many of the issuers — now considered to be SSAs — suffer a problem many of their western European peers have been dealing with for a year. -
Hungary is planning a €1bn bond this year, but is also still looking for a window in the near future in which to issue a dim sum transaction.
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Serbia is planning to fund the bulk of its funding needs through the domestic market, a funding official from the country’s finance ministry has said.
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Romania is set to come to the bond market “sooner rather than later”, said Anca Dragu, the country's Minister of Public Finance on Tuesday. It is likely to print a trade in euros.
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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.
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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.
