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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Ukraine on Wednesday said its ministry of finance would “consult with the holders of Ukrainian international sovereign debt so as to improve Ukraine’s medium term sustainability”, which analysts have taken to mean that a restructuring or reprofiling of the bonds is on the way. However, the country’s bonds sold off only around three points, as investors had already priced in the likelihood of the move, rebounding later in the day to finish two points higher.
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Russian Standard Bank is making a second attempt to secure investor support for its capital update after failing to generate enough interest first time round. RSB re-launched the consent solicitation for its 10.75% 2018s on January 19.
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Ukrainian corporate restructuring has resumed with Ferrexpo, a Ukrainian iron ore pellet exporter, which is looking to exchange its $500m notes due 2016. Analysts expect this to be the first of several such offers this year as political and economic uncertainty in the region continues.
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The Republic of Serbia plans to issue its debut euro-denominated international bond this year, Branko Drcelic, head of the Serbian Debt Management Agency said at a conference on Tuesday.
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Gazprom has signed a €350m first ever bilateral loan with Intesa Sanpaolo, but its second in two months with Italian banks after agreeing a €390m deal with UniCredit in December.
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Ukraine on Wednesday said that the Ministry of Finance will “consult with the holders of Ukrainian international sovereign debt so as to improve Ukraine’s medium term sustainability”, which analysts have taken to mean that a proposed restructuring or reprofiling of the bonds is on its way. The country’s bonds only sold-off around three points though as investors had already priced in the likelihood of this move.