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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In this round-up of news over the holiday period, Malaysia gets its own offshore RMB clearing bank, Thailand's central bank renews its RMB swap line, Bank of China and the Stock Exchange of Thailand agree to expand co-operation, Hong Kong RMB deposits rise in November, China started forward and swap trading with three new currencies, and Serbian market participants can now trade RMB in their national market. -
Turkish lender Kuveyt Turk completed a $350m murabaha loan over new year, increasing the size on the back of high demand. The reception bodes well for the borrower’s planned sale of up to M$2bn in sukuk, for which it has already mandated.
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AK BARS Bank has completed a securitization of mortgages through VTB Capital, which GlobalCapital understands will not be the last RMBS of 2014 for Russia’s domestic market even as international investors fear the country will suffer bank and corporate defaults next year.
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Suddenly, Russia is suffering. In the last few days, with the oil price collapsing and a collapse in the rouble exchange rate, many in the West have started to suggest that it is time to rethink sanctions.
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The rouble crisis hurt Russian corporates hard this week, but several companies took an even bigger hit because of their exposure to sinking commodity prices. While immediate repayment risks remain fairly benign for most, a deterioration of oil prices or the rouble could lead to covenant breaches.
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The Russian economic crisis this week boosted participation in a tender offer for Evraz's 2015 bond. Investors accounting for $278m of Evraz's $576.7m 2015 notes agreed to a company buyback of the note at just over par.
