Central and Eastern Europe (CEE)
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Central eastern European sovereign supply is moving further out the credit curve, with Romania on Wednesday attempting its longest dated euro deal yet. -
State owned power company Hrvatska Elektroprivreda (Hep) rounded off a smooth refinancing exercise this week, with a seven year deal that crushed the concession it pays over the Croatian government.
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Croatian state-owned power company Hrvatska Electroprivreda (Hep) has bought back over 80% of its debut dollar deal, and on Monday morning opened books on a new transaction to fund the purchase.
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In this round-up, Moscow Exchange sees drop in RMB swap and spot trading in September, RMB denominated trade settlement reaches new record in Q3 2015, Taiwan RMB deposits see slight fall in September, HKEx plans launch of new RMB metal contracts, and BAML finds investor sentiment improved on China.
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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.
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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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