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Despite rough market conditions and angst over rates, array of deals have been well taken
It is difficult to see issuance conditions growing much better in the foreseeable future
Société Générale and Standard Chartered provided euro and yen tranches respectively in first World Bank-backed transaction involving the Japanese currency
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The shock resignation of the governor of Ukraine’s central bank on Wednesday night led the sovereign to pull its much-anticipated Eurobond, which had priced just moments before. As investors grow more unsettled, experts fear for the sovereign’s access to institutional funding and capital markets, writes Mariam Meskin. -
Suriname appeared to take a market-friendly approach to arranging debt relief on Wednesday as bondholders agreed to delay the amortisation schedule on its 2023s. But a full restructuring is still on the cards as the outgoing government appeared to wash its hands of responsibility for what is likely to be dire forthcoming economic data.
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EM bond investors were treated to a second issue from a Cosan subsidiary in two days on Wednesday as Raizen, the fuel distributor and sugar and ethanol producer, reopened its 5.3% January 2027s.
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Pressure is mounting on private sector investors to join official institutions in granting debt relief to emerging market borrowers. An important point will be whether private investors agree to waive cross-default clauses for sovereign borrowers.
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Ukraine was set to issue a highly anticipated bond on Wednesday, having started pricing with what some experts called "impressive" initial price thoughts. The deal follows one from Poland, which secured three year money at a negative yield in euros on Tuesday.
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Investors welcomed a 12.5m block sale in Polymetal, the Russian miner of gold and other precious metals, on Tuesday night and poured into the trade following a risk auction.
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