Most recent/Bond comments/Ad
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The Romanian economy is struggling to get out of recession
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%
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Just when they thought clients had squeezed them for all but their dying breaths, emerging market lenders could be about to take their most punishing price cut all year. EM loans bankers are preparing for Russian oil and gas firm, Rosneft to ask for an eye-watering revision to its record breaking $31bn loan, which it used to acquire TNK BP, ahead of a repayment due in November, writes Michael Turner. -
Pension fund reform in Poland could support local investor demand for corporate bonds, said analysts, but some issuers have preferred to sell bonds in foreign markets as the benefits from the changes are weighed.
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Rosneft’s bankers are in for a white-knuckled fortnight. The Russian oil firm is thought to be mulling the idea of slashing the terms of its record breaking $31bn TNK buy-out loan that it signed in January. What is a good opportunity for Rosneft is yet more pain for EM loan bankers. But will pushing banks too far reap any benefits for borrowers in the long term?
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Ukrainian metals firms Ferrexpo and Metinvest have both mandated Deutsche Bank to lead pre-export finance facilities. But Ferrexpo is finding some resistance among lenders after pricing its deal around 40% cheaper than Metinvest.
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Slovakia’s largest electricity distributor, Západoslovenská Energetika (ZSE), made its bond market debut this week with a dual tranche euro deal. The borrower originally intended to sell the bond over two days and turn to the private placement for additional funding. But a strong response from buyers provided faster than expected execution and allowed ZSE to take the full €630m it wanted from the public market.
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Digging out of a mountain is no easy feat. Russian mining and metals firm Mechel has its own mountain of around $9bn of debt — or nine times Ebitda — from which it is clawing an escape. Its approach has been to renegotiate terms with lenders and to sell assets, according to the firm's CFO, Stanislav Ploschenko.
