Latvia
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Latvia has completed its 2018 funding programme with a €350m dual tranche deal, picking up the rest of the cash it was unable to raise in May. -
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Conviction levels are low among emerging market investors with many waiting on the sidelines this week as geopolitical risk and local currency weakness persist in wreaking havoc on EM bonds.
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Republic of Latvia was on track to print its new dual tranche euro-offering on Wednesday, though soft markets meant that it was offering a 7bp-10bp new issue concession at the final spread.
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Republic of Latvia has mandated banks for a new 10 year, plus a possible reopening of its long end bonds. Bonds issued by CEE sovereigns have held up well over the recent months of trading volatility, and bankers expect the deal to go well.
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The Single Resolution Board has decided that Latvia’s ABLV Bank should be wound up under national insolvency proceedings, suggesting that small and medium sized banks remain outside the scope of resolution action.
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Emerging market issuers recorded their busiest June on record with $44bn printed across all regions, a feat made more eye popping because issuance in June between 2011 and 2016 averaged less than half of that amount, according to analysts.
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Latvia launched a €350m dual tranche tap of its 2026 and 2036 bonds on Thursday morning, its second visit to the international markets this year.
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Latvia became the first Baltic state to issue a 30 year bond as part of a €650m dual tranche transaction this week.
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Latvia is on course to become the first Baltic state to tap the 30 year maturity after emerging with pricing on a dual tranche euro deal.
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Baltic consumer loan provider 4Finance on Wednesday printed an add-on of its old 2021 bonds in a high yield market that is coming to a halt four weeks ahead of the Christmas break.
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Online consumer lender 4Finance on Monday released initial price talk for an add-on to its €100m 2021 bond, as the market searches for short maturities before Christmas.
