Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Private placements are not unknown for CEE sovereigns, but this is the biggest for years
Market participants have highlighted drop in Uzbek bond volumes this year
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
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Turkey's Halkbank priced its new $500m six year bond with a 2bp-3bp new issue premium on Wednesday, but the underlying swap rate had rallied 10bp throughout the day, meaning that the nominal premium was perhaps more attractive than it otherwise would have been. -
Ferrexpo, a Ukrainian iron ore pellet exporter, is struggling to secure bond holder approval to exchange its $500m notes due 2016 and has extended the early bird deadline to February 17. A group of activist investors are trying to squeeze the borrower for a bigger cash component, according to a liability management banker.
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Slovakia’s Eustream printed a €500m no-grow 10 year bond at 200bp over mid-swaps on Thursday late afternoon in London, the first investment grade corporate deal out of central and eastern Europe so far this year.
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Severstal, Promsvyazbank and Russian Standard Bank, three Russian borrowers, were in the market with liability management exercises this week amid a rising tide of deals, but bankers said that the flow is a coincidence rather than indicative of a trend.
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Rusal’s hopes of obtaining a loan from international banks this year look to be fraught with worry. Chief executive Vladislav Soloviev said this week that the Russian aluminium producer might try to refinance loans from Russian state banks with international lenders to get a better rate, but several loans officials at banks in Europe believe this is unlikely.
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For months, Syriza, Greece's recently elected left-wing party, has been exclusively known across Europe and capital markets for its anti-austerity views. Now we are hearing something more surprising and worrying: Greece's new government is beginning to side with Putin’s Russia.
