Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Hungary's change of government is still drawing in investors despite a difficult summer
Issuance from Turkey aside from the sovereign is down year-on-year, but not by much
Deeply discounted financing allows embattled iron ore miner to restart Ukrainian production and shares to resume trading
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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. -
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.
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A wave of central bank rate hikes across emerging markets over the last week, particularly in CEEMEA, has stimulated investor confidence amid a volatile period in global markets. The recent rise in US Treasury yields had threatened to pull money away from EM, with a further risk of weakening local currencies.
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Bond markets have been settling in for a period of higher US Treasury yields since Wednesday when the Federal Reserve confirmed it did not expect to raise rates before 2024. While that made long-dated issuance trickier for SSA issuers, there was hope that emerging market bond issuance will soon resume, even if a bumpy ride lies in wait. Mariam Meskin, Oliver West and Lewis McLellan report.
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Všeobecná úverova banka (VÚB) issued a €500m five year covered bond on Wednesday at the tightest spread for any issuer from Slovakia.
