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Deal's concession came to just a few basis points
Uzbek bank's deal is the first deal from the country in 2026
The lender started investor meetings late in April
The trade is the first from a 'mid-tier' Uzbek lender
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Turkish president Recep Tayyip Erdogan has fired Turkish central bank governor Murat Cetinkaya. The development has, according to capital market participants, shredded more of Turkey’s credibility and caused last week’s dollar benchmark to slump below re-offer.
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In this round-up, Chinese securities regulators allow their Hong Kong counterpart to access audit papers of Hong Kong-listed mainland companies, Chinese premier Li Keqiang vowed to lift the 51% foreign ownership cap on Chinese financial firms sooner than planned, and free-trade zones (FTZs) receive more autonomy in trying out new policies.
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Turkey returned to the market on Tuesday, raising $2.25bn of five year dollar paper with a slim new issue premium. The deal was timed to take advantage of a tremendous rally in Turkish asset prices, but not all investors are convinced.
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Turkey announced a five year dollar Global benchmark on Tuesday, returning to the market for the first time since March and making the most of the rally in Turkish assets.
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Ukraine Railways has benefited from investors' desperation for yield, with a sharp tightening in pricing from initial price thoughts.
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Interest from Russian accounts drove a $400m sale in steel company NLMK Group last week, with local demand remaining strong in the country for the right sectors and stocks.