Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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The syndication is among the Dutch development bank's largest in the region and attracted Middle East lenders
Takeover will increase the Hungarian bank's total assets by around 13%
Issuer has the country's longest tier two curve
The sovereign has finished international funding for 2026
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Loans bankers pride themselves on taking a long term perspective. A lending relationship is for life, not just for an open deal window. So the crisis in the Ukraine has led to nothing more than a shrug of the shoulders and a declaration of business as usual in the loan market. This is a worrying sign. -
The focus on Ukraine has moved from the macroeconomic to military sphere. But it is worth remembering that even if full scale conflict with Russia is averted, Ukraine’s economy is in an appalling state, and the bond market helped it end up there.
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Russian Railways’ lead managers last week claimed waiting a month for a favourable fall in rates before executing resulted in the lowest yield the company could have achieved on its €500m nine year bond. But that contradicts what bankers have often recommended as prudent bond market behaviour. Others should be cautious of following its example.
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Promsyvazbank (PSB) postponed its tier two dollar bond on Monday because of growing tension between Russian and Ukraine, but the borrower has every intention of returning to market once conditions improve. The Republic of Azerbaijan, meanwhile, has pushed on with investor meetings. Although it will likely face higher spreads for its inaugural dollar sale unless the situation is resolved soon.
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Turkey’s Finansbank has received little interest so far for private placements from the $1.5bn EMTN programme it set up on February 7. The lack of demand is common for a number of Turkish banks.
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Russia’s sovereign bond and CDS spreads were hammered on Monday following heightened fears about the possibility of conflict with Ukraine. The rouble touched new lows before an unorthodox central bank rate hike, and the volatility will make life difficult for Russian borrowers with bond plans, said emerging market debt bankers.
