Central and Eastern Europe (CEE)
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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. -
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.
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Beset by dire predictions and gloomy warnings from all sides as to the future of emerging markets, CEEMEA borrowers decided to ignore the melodrama and produce the second biggest week for issuance of the entire year.
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Banks on Tuesday settled credit default swaps referencing the Republic of Ukraine at 80.625, the highest recovery on a sovereign credit event auction since they began in 2005.
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Eastern Europe is generally viewed by credit investors as one of the safer segments of the increasingly shaky emerging markets asset class. But the aggressive presence of Russia poses risks, as its neighbours know all too well.
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Hrvatska Elektroprivreda (Hep) picked banks for a dollar bond and kicked off an exchange offer on its 2017 notes on Wednesday.
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Gazprom has ratcheted in price guidance for its euro denominated benchmark, as it looks to print the second Russian corporate bond this week after a drought that started in November 2014.
