Central and Eastern Europe (CEE)

Plans by the European Central Bank to trial the use of reverse auctions in its public sector purchase programme have been tentatively welcomed by SSA issuers on the central bank’s buying list.

In this round-up, Hong Kong and Taiwan RMB deposits shrink slightly while RMB cross-border trade settlement surges to new records in both Hong Kong and China, the RQFII programme reaches Rmb410bn ($80bn), Georgia and Kyrgyzstan work on establishing RMB swap lines with China, and Nanning authorities plan a new China-ASEAN currency index.

Gazprom may issue a euro denominated note next week, the first corporate new issue from Russia in 2015. But although it is viewed as a positive sign for the market, it won't necessarily herald a wider market re-opener for the country.

Gazprom has released roadshow dates for a euro bond, but is going ahead with the meetings without Deutsche Bank on the mandate.

Ukrainian steelmaker Metinvest has been notified that holders of in excess of 50% of the outstanding principal amount across its $85.2m 10.25% 2016s, $289.7m 10.5% 2017s and $750m 8.85% 2018s have formed an ad hoc committee.

An evolution is happening in emerging market issuers’ use of yen funding. For many years, many of them have only been able to issue Samurai bonds by using JBIC’s GATE (Guarantee and Acquisition toward Tokyo market Enhancement) programme, but steadily more of them are stepping up to standalone issuance. At the same time, benchmark borrowers are bringing along less established issuers from the same countries in their wake

Polish banks showed their deep pockets by signing a record Z12.5bn (€3bn) loan for television company Cyfrowy Polsat this week. But banks could face a tax which might reduce their capital by a third.

The Ukrainian government has released the exchange offer for its sovereign Eurobonds, amended from what was previously announced.

Commodity trade finance for Russian firms remains strong, despite sanctions and falling commodity prices, according to bankers at the Loan Market Association's annual conference on Thursday.

The Ukrainian government has released the exchange offer for its sovereign Eurobonds, amended from what was previously announced.

Avangard, Ukraine’s largest egg producer, has appointed a Swiss bank as sole solicitation agent for its planned Eurobond restructuring.

The International Swaps and Derivatives Association ruled on Wednesday that Ukraine has not triggered a repudiation/moratorium credit event following the country’s recent decision to freeze payments on debt.