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The sovereign has finished international funding for 2026
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
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China’s State Administration of Foreign Exchange (Safe) handed out Rmb7.3bn ($1.2bn) of quotas to seven licensed Renminbi Qualified Foreign Institutional Investor (RQFII) firms this month, with one getting its first ever quota. -
Sberbank, the largest of Russia’s state owned banks has been included on the list of EU sanctioned entities, shocking some investors who had hoped the sanctions would be limited to policy banks. But although the identities of the institutions sanctioned were clear enough, bankers are now deciphering just what it is they are not allowed to do for them.
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Few things were clear this week about the European Union’s stance on sanctioning Russian syndicated loans, even after the EU published the legal acts in its official journal late on Thursday. But most bankers were emphatic that the market is shut — at least for western banks. This stance will remain, as the result of fear of fines if not clarity of rules, they said, with the immediate casualty being VTB’s prospective $1.5bn-$2bn loan, which was said to be close to the line last week.
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Akbank is back in the market with a loan that bankers say will kick-start the year’s second wave of Turkish bank refinancings and set the benchmark for pricing. Two other major institutions are already said to be in close pursuit.
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Loans bankers were looking for silver linings this week in the run up to deeper sanctions against Russia. At least the market has shut down in August, when Russians take their summer holidays. No deals would have been done anyway, so no matter. But the situation will not be over by the autumn, and August is not the listless month many market participants assume.
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BNP Paribas has decided to prepay its pioneering commodity finance securitization Lighthouse Trade Finance No. 1, as since Russia precipitated the crisis in Ukraine, it can no longer find enough commodity receivables to continue backing the deal.
