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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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Russian borrowers are still seeking funds from international lenders, with a handful of companies in the market. However, dynamics have changed amid the spread of the coronavirus and borrowers must offer higher margins to fewer lenders. -
VakifBank, one of Turkey's top tier financial institutions, has refinanced an existing loan, with a rollover ratio of almost 90%. The deal comes amid growing uncertainty among capital markets issuers about capital raising and the reality of less advantageous market conditions.
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The Republic of Hungary made a jumbo return to euro markets on Thursday with its first hard currency trade since 2018. Bankers expect more trades from both the sovereign and its neighbours.
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The Republic of Hungary has mandated a consortium of banks to lead a dual tranche bond issue in euros. The government's debt management body has increased its foreign currency issuance limits as a result of the spread of Covid-19.
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Market participants have dismissed the viability of Turkey extending its swap line arrangements with the US Federal Reserve this week to enhance the country's access to dollars. They also noted that little has happened to change their bearish outlook on the sovereign.
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Credit Bank of Moscow, one of the few Russian banks to frequently tap the international syndicated lending market, has raised a loan from a consortium of international banks. The deal comes amid an increasing number of Covid-19 infections being reported in Russia, which is now one of the emerging markets with the fastest-accelerating growth of cases.
