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  • Official and multilateral lenders are taking a lenient stance on perennial defaulter Argentina but bond investors are increasingly sceptical whether the IMF programme that the sovereign says it wants will turn its fiscal position around. Markets are pricing in another default within a few years, despite a rebound in bonds this week, while eccentric policy decisions continue to frustrate bondholders.
  • Covered bonds issued this week by United Overseas Bank and Raiffeisen-Landesbank Steiermark showed that, for the first time this year, sentiment has turned bearish and suggested that more careful consideration of pricing, timing and maturity is now required.
  • Two emerging market bank issuers, Emirates NBD Bank and Absa Group, launched additional tier one bonds on Thursday, as the popularity of the bank capital tool grows.
  • Citi has picked global head of trade Ebru Pakcan to be its new head of EMEA emerging market coverage.
  • CEE
    The Polish oil refiner and petrol retailer PKN Orlen launched its debut green bond on Thursday. The trade is one of the very first of its kind from an oil company.
  • CEE
    Russia launched its first international bond of the year on Thursday, which some have labelled as a show of strength by the sanction-hit country. Market participants are now debating which investors will end up buying the trade.