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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With around $5.9bn of international bonds maturing before the end of this year, Russian banks and corporates face an uncertain future in the global capital markets as US and EU sanctions begin to bite. Among borrowers that have maturities looming are Sberbank and Gazprombank which are both sanctioned by the US and EU.
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Poland’s MBank Hipoteczny has issued its fifth and sixth covered bond deals of the year, the largest issues denominated in Polish zloty in the asset class.
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Polish oil refiner Lotos plans to raise Z1bn ($318m) through a rights issue next month, in what will be a rare example of Polish ECM business after a quiet year so far for eastern Europe. -
With some Russian loan deals progressing despite US and EU sanctions, those borrowers who find support among banks should be make sure they reward that loyalty later. But nobody wants to sour relations, meaning that banks which choose not to lend must have an arm-length list of reasons why they can’t. So 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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Russian oil company Lukoil has agreed a $1bn three year bridge loan with Citi and JP Morgan, it has emerged. But the company signed the deal in early July, said a bank official with knowledge of the matter.
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Food oil firm Kernel has shown that there is a gap in the market for Ukrainian as well as Russian loan deals, having renewed two pre-export working capital credit facilities with European banks.
