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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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At least one investor confident payment will still be made despite lack of communication -
Rating agencies have warned offering rouble payments would mean default
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Sanctions and efforts to keep foreign currency in Russia make servicing loans nearly impossible
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Loan syndicator returns to Europe after three years in Beijing
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Gazprom and Rosneft paid in dollars, but uncertainty clouds next batch of Russian coupon payments
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An issuer could be viewed as in default even if investors agree to a rouble payment, said one agency
