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The Romanian economy is struggling to get out of recession
The syndication is among the Dutch development bank's largest in the region and attracted Middle East lenders
Takeover will increase the Hungarian bank's total assets by around 13%
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Proposals from Russia’s Ministry of Finance aimed at making bank lending cheaper are unlikely to stop the slowdown in corporate loan growth, said analysts. The central bank should cut its refinancing rates instead, and 50bp reduction before the end of the year would have a marked effect on the lagging loan market.
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Garanti Bank is still looking at the possibility of issuing mortgage backed covered bonds, although the market backdrop has soured since it started. The bank’s board has approved issuance of up to €1bn and a recent rise in spreads could help bring in new accounts, an official told EuroWeek Emerging Markets.
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This week's funding scorecard focuses on some of the most prominent sovereigns in Central and Eastern Europe. Next week's update will focus on European supranationals and agencies.
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A slump in sterling on Thursday afternoon made the currency even less attractive for CEEMEA and left Gazprom, which had mandated banks for a sterling transaction, on the sidelines. It is flexible on currency and has no desire to launch into a weak market.
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Gazprombank postponed a tier two Swiss franc bond on Thursday with investor appetite lacking in light of a volatile market stemming from political turmoil in Portugal and Egypt. Coupled with rising interest rates that increased the appeal of high grade developed market credits in Swiss francs, questions abound over whether the Swiss franc’s emerging market revolution might be beginning to slow.
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Syndication for Russian metals and mining firm Norilsk Nickel’s increase of its recently signed $2.1bn revolving credit facility will close in the next week or so, said loans bankers.