Central and Eastern Europe (CEE)
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In this round-up, Chinese premier Li Keqiang said RMB internationalisation to continue, South Korea's RMB deposits halving in a few months, HKMA revamps its RMB liquidity facility, Singapore Exchange and Moscow Exchange see surging RMB trade volumes, Shanghai Gold Exchange expands its list of assets that can be used as collateral for trading to A-shares and foreign currencies, and Deutsche Bank joins OTC Clear as a clearing member. -
Estonian power company Eesti Energia opened books on a new euro transaction on Thursday morning, following the deadline for a tender offer on its outstanding bonds the day before.
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Polish state owned power company Polska Grupa Energetyczna (PGE) has picked banks for a benchmark euro transaction.
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Estonian power company Eesti Energia opened books on a new euro transaction on Thursday morning, following the deadline for a tender offer on its outstanding bonds the day before.
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Russian fertiliser producer Eurochem signed a $750m pre-export credit facility, it was revealed on Wednesday, having been in talks with banks since the end of last year.
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Holders of Privatbank’s 2015 bonds agreed to a reprofiling, the lender announced this week. But the terms of the agreement present those same bondholders with an incentive to scupper a similar agreement on Privatbank’s 2016 notes, analysts said.
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Bulgarian Energy Holding, the state electricity and gas group, is looking for €650m of loans as part of a renegotiation with two US power generators.
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Ukraine’s creditors should be concerned that the IMF has not yet defined the status of a $3bn Eurobond that Ukraine sold to Russia, said Ukrainian analysts following a IMF/Ukraine government press conference on Sunday.
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In this round-up, Russian bank VTB tightens co-operation with China Development Bank, latest Hong Kong and Singapore deposit data, the Azeri state oil fund reports first holdings of RMB in its foreign currency reserves, and Bank of China and China Construction Bank H1 2015 reports highlight progress in cross-border RMB business.
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Poland reopened the CEEMEA bond market this week after investors in search of safe havens pushed central Eastern European sovereign spreads tighter. Uncertainty over the timing of a US rate hike has left buyers wary of more typical EM names and left CEE sovereigns among the select few that could avoid paying heightened premiums.
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Talk of Russian issuers’ bond plans has been gathering pace this week as Gazprom has mandated for a bond to be printed before the end of this year, sanctioned VEB looks to 2016 for a Panda bond, and Norilsk Nickel embarks on a series of investor meetings.
