Central and Eastern Europe (CEE)
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Equity and debt markets were fretting on Thursday over the implications of new US sanctions against Russia. A prohibition of US investment in Russian sovereign bonds marked an escalation in tensions, threatening sovereign borrowing costs. It could also damage Russian companies’ chances of funding in the capital markets, write Mariam Meskin and Sam Kerr. -
The Central Bank of the Republic of Turkey on Thursday held its key interest rate at 19% despite fears that new governor and low interest rate champion Şahap Kavcıoğlu would cut rates. But despite the policy move, investor anxieties remain.
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Canal+ Polska, the Polish satellite TV network, has rebooted its IPO on the Warsaw Stock Exchange, after the deal was pulled in November last year due to a lack of demand.
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Ukraine is once more at the forefront of emerging market investors' worries as military tensions with Russia escalate. Amid the uncertainty, Ukraine is fighting another uphill battle to access IMF funding in order to recover its economy as soon as possible. The governor of the National Bank of Ukraine, Kyrylo Shevchenko, spoke to GlobalCapital about the challenges the country is facing and the importance of central bank independence.
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Trans-Oil Group, a Moldova agriculture company, was in the market on Wednesday for a dollar bond. The issuer has a rocky history in debt markets, following a failed attempt at a debut bond in 2018.
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The Slovak Republic entered bond markets on Wednesday, seeking to sell a bond in euros. Though volatility in global markets has dampened primary markets in CEEMEA, emerging European sovereigns have continued to tap investors this year.
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Anna Vasilenko, a former managing director at the Moscow Exchange, has joined EM, the strategic advisory and communications firm for clients in Russia, China and other emerging markets, as its CEO.
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Turkey's central bank once again faces a critical rates decision this week. Any whiff of a cut in rates would be disastrous for the volatility-stricken country and its access to capital markets.
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Georgia is returning to the bond market after its existing dollar notes matured just days ago.
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Sovcomflot, the shipping company majority-owned by the Russian state, is planning to enter the debt capital markets. But the dollar bond mandate comes at a tricky time as military escalation between Russia and Ukraine has caused investor confidence of assets on both sides to fall.
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Segezha, the Russian paper and pulp company, has filed initial paperwork for an IPO on the Moscow stock exchange. The company is hopeful of becoming the first listed Russian company in its sector, but IPO market turbulence and sanctions fears hang over the offering.
