Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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There is an aggressive hunt for yield by issuance-starved investors in the Gulf
Spreads are back at pre-Iran war levels, but still offer a premium to western Europe
The company is expanding outside Turkey, such as into Saudi Arabia
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The cost of buying credit default swaps on Turkish five year government debt has stopped its upward trajectory and eased lower, even as the country’s standoff with the US continues. -
The collapse in the Turkish lira has stoked fears as to how the nation’s borrowers will repay their foreign currency debt just as the country's foreign exchange reserves are shrinking.
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Turkey’s finance minister, Berat Albayrak, is holding an investor call at 2pm London time today. Over 5,000 participants are registered for the call and will be looking to see if the politician can bring calm to the crisis engulfing Turkish and wider emerging markets.
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The US Office of Foreign Asset Control (OFAC) has an unprecedented decision to make on whether to accept a reported offer from EN+ owner Oleg Deripaska to sell shares in the company to VTB Bank. The aim of the deal is to reduce the oligarch’s majority stake in the aluminium conglomerate, which, it is hoped, will result in sanctions against it being removed.
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EM bond investors are watching Turkish banks closely, as some of the banks have heavy maturities falling due in the next year and capital ratios are being battered by the huge drop in the lira. But DCM bankers are telling these issuers that the lower levels may mean there are opportunities for buy-backs.
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Gazprom may have stepped away from the international capital markets but its liquidity position remains strong enough to keep it afloat for the foreseeable future, provided the diplomatic situation between Russia and the US does not worsen.
