Central and Eastern Europe (CEE)
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Lithuania landed its longest, largest and lowest yielding deal ever in one fell swoop this week. But with the eurozone sovereign’s order book dominated by rates buyers rather than emerging market accounts, the deal has implications for Spain just as much as Slovenia.
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Ukraine this week received the necessary votes to restructure 13 of the 14 Eurobonds it targeted, with the leaving just the problem of a Russian-held $3bn bond to be solved. But even with an end to the restructuring odyssey in sight, CEEMEA watchers are worried about the economic outlook and the nature of the restructuring agreement. -
Lithuania has loosed 10 and 20 year euro tranches on the market, demonstrating confidence in duration as the prospects of an imminent US rate hike fade away yet again.
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Polish insurer Powszechny Zakład Ubezpieczeń (PZU) priced a tap of its euro 2019s on Tuesday following investor calls the day before. The strategy puzzled rival bankers, but was staunchly defended by the leads.
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Georgia Healthcare Group launched on Monday its initial public offering on London’s main market, as it aims to follow in the footsteps of its sole owner, Bank of Georgia, which is already listed there.
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Polish insurer Powszechny Zakład Ubezpieczeń (PZU) has picked banks for a tap of a 2019 euro transaction.
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The Russia and Ukraine finance ministers discussed the latter’s Eurobond restructuring agreement at the IMF meetings in Peru. But neither seems willing to ask the IMF to rule on the status of a $3bn Ukrainian Eurobond sold to Russia, said analysts.
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The Republic of Lithuania on Friday threw out the first fresh mandate after a monster week for CEEMEA supply, and is looking at a long dated euro deal.
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In this round-up, Hong Kong RMB clearing dropped in September, Macau's RMB deposits and cross-border settlement also fell in July, South Korea's RMB deposits kept contracting in September, and Bank of China Budapest branch formally launched RMB clearing services.
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It was just like the good old days in emerging market bonds this week despite the IMF's best attempts to spread doom and gloom. Riding the crest of a wave of supply though were the first Russian corporate deals longer than a year since 2013 — and how investors dived in. Francesca Young reports.
