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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Westpac New Zealand broke more than a month of silence from international issuers in the Swiss franc market on Tuesday, selling a new six year print. The deal was priced around flat to outstanding paper, with investors starved of primary and secondary supply willing to take the aggressive level.
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Caught up in the sell-off in the emerging markets, issuers from the CEEMEA region have been reluctant to come forward for new bonds this week.
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Ukrainian Agricultural company Mriya has not made interest and amortisation payments on certain of its debt obligations and is warning bondholders of its $250m 10.95% 2016s and $400m 9.45% 2018s that its balance sheet may need to be restructured. Other Ukrainian companies may find themselves running into similar difficulties as the crisis in their country escalates.
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Russia is now subject to its toughest economic sanctions since the end of the Cold War. With the US and Europe effectively closed to them, Russian borrowers are searching for other options. Asia is top of their list, but they are unlikely to find the support they want. -
It would be absurd for a banker to lobby for a ban on the instrument of his or her trade. And yet, the European Union’s latest round of sanctions against Russia has created an absurdist’s dream in which syndicated loans were not banned but it might well have been better for western bankers if they had been.
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A herd mentality will prevail among Western banks both in shunning Russian borrowers and in the eventual decision to start lending to them again, said loans bankers — irrespective of any formal rulings on the issue.
