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BSTDB has had a tricky time since Russia attacked Ukraine, both of which are shareholders
Demand peaked at six times the deal size, but many orders dropped out
The Ukrainian company's January deal performed well on secondary
◆ Deal was priced tighter than the issuer's previous covereds ◆ Banker said spread tightening 'speaks for itself' ◆ Second banker put spread through FV
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Russian issuance has been a success story in what has otherwise been a largely disappointing year for the EMEA equity capital markets. Positive momentum should carry through into 2020 with hope that IPOs will follow a good year for blocks and beef up the Russian stock market -
After the Federal Reserve’s hawkish attitude in 2018, a more dovish mood at the US central bank meant that 2019 was smooth sailing for many emerging market borrowers. However, political storms meant the turbulent asset class still threw up its share of rocks for borrowers to navigate. The GlobalCapital editorial team selected the best deals of the year, considering not just the eventual result of the trade, but the backdrop against which the deals were sold. The winners are presented here. Congratulations to those involved.
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Five years after the US and EU slapped sanctions on Russia following its invasion of the Crimean peninsula, the country’s capital markets are doing far better than many expected. Mariam Meskin reports
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Ukraine’s political establishment was shaken up and, in large part, replaced by newcomers early in 2019. The lead up to the election was fraught, as investors’ fear of the unknown drove up Ukrainian rates. But President Zelensky swiftly won over the international community, setting up a superb run of borrowing.
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Turkey’s position economically, and from a capital markets standpoint, is better at the end of 2019 than it was a year ago. However, that is not to say all is well with the country — far from it. Prospects for 2020 are, at best, mixed with growing concerns over central bank independence and high debt levels
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Emerging markets borrowers have been much slower to join the caravan of green and sustainability-linked financing that has swept up so many companies in western Europe. This is not because firms in CEEMEA are indifferent. As Mariam Meskin reports, interest is spreading, but companies must overcome practical obstacles, which will take time
