Serbia

The dollar market is offering cheaper funding at the shorter end

Huge geographical range of credits now on offer

The new issue premium was, at most, 10bp

Investors pounced at the first Serbian corporate print, sending the book to more than $5.5bn

Serbia sovereign moved into investment grade rating territory earlier in October

Investors eye potential for credit rating uplift

CEE sovereign's success to drive borrowers to issue in US currency over euros

CEE sovereign is not expected to issue a bond after the virtual meetings

Balkan state joins green bond club with seven year euro line

Trans-Oil Group, a Moldovan agriculture company, is planning to roll over its one year pre-export finance (PXF) facility this summer, having recently sold its lowest coupon bond. The issuer has had, on occasion, far from a smooth ride in capital markets, including a failed attempt at a bond debut in 2018.

Belfius cancelled a consent solicitation for one of its tier two bonds this week after the Single Resolution Board took the market by surprise and broadened the scope of its grandfathering period for ‘Brexit bonds’.

Belfius Bank is looking to amend the terms and conditions of one of its tier twos so that it can remain eligible for the minimum requirements for own funds and eligible liabilities (MREL). The bond was issued with risk factor language under English law but will now need to be updated to reflect the UK’s departure from the EU.