Central and Eastern Europe (CEE)
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The stock price of the Czech energy company rose 2.4% following the announcement -
Investors can still trade existing Russian debt but this could change if Russia launches full scale invasion of Ukraine
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European corporate deals still expected to come to market, though visibility is poor
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Some smaller deals can be done, say participants, but Russian incursion into separatist regions of Ukraine will keep issuers away from the primary market
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Niche deals and Islamic finance can still be done despite fears over possible Ukraine invasion
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Fears over Ukraine did not deter Japanese investors
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Volatility in Russia and Ukraine bonds this week dictated primary market sentiment but failed to spill into wider secondary scene
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A short lived rally in the debt of both sovereigns is over but the wider EM bond market is under less pressure
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ECB rate rise fears later this year means costs have risen for the sovereign’s second 2022 visit
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Cash from allies and a stronger economy mean a far better position than 2014-15
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Some investors were looking to buy bonds on the cheap, but longer term buyers still on the sidelines
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Issuance at a standstill until stability returns
