Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
More subordinated bonds have come from CEE this week than in all of 2024
Poland's second tier two deal and Romania's debut sub debt may come this week
BCR deal marks a first from Romania
The book was no blowout, but UzAuto sealed tighter spreads than its debut
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Confidence in Turkish assets hit fresh lows this week as investors struggled to digest a fresh wave of volatility after its central bank governor was sacked following an interest rate hike. With government and bank funding needs to be met in the international market, the Central Bank of the Republic of Turkey has a big job on its hands in regaining investor confidence — though some say the damage has already been done. -
Belfius cancelled a consent solicitation for one of its tier two bonds this week after the Single Resolution Board took the market by surprise and broadened the scope of its grandfathering period for ‘Brexit bonds’.
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As emerging market IPOs continue to draw investors into countries many have never invested before, Turkey remains an obvious absentee. The country could be an EM equity giant but political decisions by its government continue to hinder Turkish businesses.
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The shock sacking of Turkey’s third central bank governor in two years confirms to investors that the country lives in a world of its own — one in which central bank independence and fiscal prudence come second to the ideologies of the leader.
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A handful of bond mandates from the CEEMEA region this week suggests that issuer confidence may be on the rise across emerging markets after a particularly turbulent period of sell-offs in US Treasury bonds.
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An imminent bond issue from Turkey is looking unlikely, investors say, after the abrupt sacking on Saturday of Naci Ağbal, governor of the central bank, just a day after he had raised interest rates by 200bp. Both hard and local currency bonds have sold off and market participants fear a balance of payments crisis.
