Central and Eastern Europe (CEE)

In this round-up, China's cross border RMB trade settlement falls in July, Seoul plans to launch RMB/Won futures in October, Moscow Exchange sees growing CNY/Rouble spot and swaps turnover, China's central bank issued its yearly financial stability report, and the UK's foreign secretary said during a visit to China that London would keep supporting RMB internationalisation initiatives.

In the third systems failure in three months, derivatives trading on the primary Russian exchange Moskovskaya Birzha (MOEX) was halted for half an hour on Wednesday before service resumed.

Analysts expect Russian borrowers’ foreign currency debt redemptions to put pressure on the rouble, despite the central bank’s efforts to downplay the effect.

Gazprom’s bondholders have allowed it to modify the terms and conditions of its £500m 5.338% loan participation notes due 2020, the company announced on Thursday.

Ukraine’s sovereign debt restructuring, Argentinian primary elections and a potential Turkish coalition government are keeping debt bankers alert while the primary bond market takes its summer break.

Analysts expect Russian borrowers’ foreign currency debt redemptions to put pressure on the rouble, despite the central bank’s efforts to downplay the effect.

Russia’s Lukoil has signed a $440m syndicated loan with four commercial banks, as part of $1bn of loans backed by development banks.

Ukraine's Privatbank is offering holders of its 2015 Eurobonds better terms for a second reprofiling attempt if they agree to an interim three month maturity extension.

The Ministry of Finance of Ukraine has agreed to meet with its ad hoc creditors’ committee on Wednesday in San Francisco where Ukraine’s biggest creditor, Franklin Templeton, is based.

UniCredit’s second quarter profits were up almost 30% from last year, with the commercial and investment bank and Italian commercial bank taking most of the credit. The CEE business remains important, but Russia dragged the division sharply down.

The Ministry of Finance of Ukraine has bowed to its creditors’ request for more time in preparing a revised restructuring offer. The two sides will now meet early next week, but analysts believe the chance of Ukraine imposing a debt moratorium are increasing.

The Ministry of Finance of Ukraine has catered to its creditors’ request for more time in preparing a revised restructuring offer. The two sides will now meet early next week, but analysts believe the chance of Ukraine imposing a debt moratorium are increasing.