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Uzbek issuance has fallen to near zero after a busy few years
Bookbuilding slower than normal due to the restart of war between the US and Iran
Market stress so far confined to consumer credit and SMEs across region
The sovereign deal came the day after Hungary's tight dual trancher
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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
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Emerging market appetite to return as Swiss risk sentiment shifts