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Development bank's credit ratings suffered a blow after Russia's invasion of Ukraine
Books were nearly three times the issue size
◆ Higher rated Austrian lender offers more spread for similar senior preferred bond ◆ Big demand pushes deal inside fair value ◆ BCP still prints its tightest unsecured debt for more than five years
After a record 2024, Turkish corporate issuance slowed last year
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Russia sovereign heads towards default
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The approach to sanctions gave the Russian government the opportunity to present itself as a debtor that will keep on paying against the odds
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The municipality is the first Turkish non-sovereign issuer since mid-January
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Russia had been meeting Eurobond obligations but its latest payments have not gone through
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Investors said Russia's move was smart, and non-sovereign issuers may follow its lead
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Russia may yet be forced to offer roubles to keep up with debt payments, which would mean default