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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The Eurasian Development Bank has no plans to access the international debt capital markets for the rest of the year, despite $120m of its $500m 7.375% bonds maturing on 29 September. -
Turkey’s Akbank has signed a $1.5bn-quivalent one year refinancing facility, with a higher margin from its most recent deal despite more banks coming in. The loan marks the start of the year’s second wave of Turkish bank refinancings, with Yapi Kredi and Isbank also in the market.
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This week's scorecard covers the funding progress of sovereign issuers, with all of the eurozone periphery comfortably ahead in their programmes despite some wobbles in secondaries over the past month.
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With some Russian loan deals progressing despite US and EU sanctions, those borrowers who find support among banks should make sure they reward that loyalty later. But nobody wants to sour relations, so banks which choose not to lend must have long list of reasons why they can’t. Russian borrowers should not take it personally — they are going to need all the friends they can get, so more carrot and less stick is the way to see deals through.
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The arrival of the first Russian loan since the most recent rounds of European Union and US sanctions against the country were put into force has left loans bankers deeply split. Some claim the deal from steelmaker Evraz, along with others that are in discussion such as Slavneft Yanos, are proof that syndicated lending is still open to Russian borrowers, but less optimistic bankers see these as the last sputterings of life from a dying market.
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Banks are under pressure to lend to Russian borrowers. But although bankers have grown accustomed to moving mountains for the Russian issuers, they should not fear the repercussions if this time they cannot.
