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IMF Green-Lights USD5bn Standby Arrangement for Ukraine, a Key Milestone Amidst a Long-Awaited Turnaround

The IMF has approved a USD5bn funding programme with Ukraine following the passage of a series of reforms aimed at the country’s banking and agricultural sectors, an important milestone in the country’s bid to regain a strong economic footing after years of turbulence.

10 Jun 2020

Bips & Pieces Russia & CIS CEEMEA

Inflation Slows in Hungary, But Full Impact of COVID-19 Not Yet Evident – ING

As the lockdown continues in Hungary, the impact on the economy is beginning to filter into the data, with inflation slowing to 3.9% in March. Whilst food prices provide upward pressure in the short-term, the falling cost of fuel and services has yet to be accounted for in this month’s statistics, according to Peter Virovacz, Senior Hungary Economist at ING

9 Apr 2020

Ukraine Passes Historic Land Ownership and Banking Reforms, Paving Way for IMF Aid

Lifting the moratorium on land purchases of farmland in Europe’s agricultural powerhouse has long been seen as a key condition for the Fund’s support and could finally open the door to the European Union for the country.

1 Apr 2020

As Emerging Market Sovereign Credits Come Under Pressure, Ukraine Could Catch a Break

With conditions deteriorating across the board in the sovereign space amid the worsening COVID19 pandemic, Ukraine – which has seen surprisingly few cases so far – could come out stronger on the other end, Goldman Sachs analysis indicates.

20 Mar 2020

Debt Capital Markets Are Crucial to Success of Saudi Vision 2030, but Some Bankers Say it's Underutilised

Vision 2030, Saudi Arabia’s ambitious plan to transform the economy and diversify away from oil production, has seen the country develop the largest project pipeline in the region. But the government’s apparent reluctance to raise funds through the debt capital markets risks undermining Vision 2030, according senior investment bankers based in the region.

18 Mar 2020

Prospect of Early Romanian Election Sparks ‘Benevolent’ Market Reaction – ING

A successful no-confidence motion against Romania’s government has raised the prospect of early elections and may usher in a period of political instability, but the market has reacted relatively well according to ING emerging market strategist Trieu Pham.

7 Feb 2020

NKBM’s Subordinated Bond Issue ‘Credit Positive’ – Moody’s

Nova Kreditna banka Maridor, Slovenia’s second-largest bank is planning to issue a EUR90.4mn subordinated bond – the bank’s first foray into the international capital markets since its 2013 default and subsequent privatisation.

6 Feb 2020

Middle East Investor Appetite for Russian Bonds Grows with Latest Bank Deals

In January this year, Emirates NBD became the first Middle Eastern bank to participate with an international bond from Russia, but investors from the region have been increasing their exposure to Russian credits for some time.

4 Feb 2020

GCC Fixed Income Ourperformed All EM Peers in 2019 - Markaz

The GCC fixed income market outperformed all other emerging markets in 2019, delivering a return of 14.5%, as represented by the S&P GCC bond index.

27 Jan 2020

Kuwait’s 2020/21 Budget Reveals Record Fiscal Deficit – Marmore

Kuwait has published its budget proposal for the fiscal year 2021, which reveals that the nation’s deficit will climb for the sixth consecutive year in a row to reach a record high.

24 Jan 2020

Ukraine on the Mend as Domestic Capital Market Opens Up to International Investors

A preliminary agreement with the IMF on a vital USD5.5bn loan is an auspicious signal that a long-awaited economic recovery in Ukraine may be in the offing. But with the PrivatBank case and a number of other international litigation battles still simmering, bad headlines streaming from the US impeachment proceedings and little progress in establishing peace on the Eastern border, Ukraine still…

6 Jan 2020

A LIBORious Transition: Weaning the World off the Most Popular Credit Benchmark

More than two years have passed since the UK FCA’s Chief Executive Andrew Bailey set the deadline for the financial markets’ transition away from LIBOR, upon which roughly USD350tn in securities, loans and derivatives across five major currencies is contracted. Finding an alternative that can satisfy the diversity of markets that rest upon this crucial benchmark is proving to be more elusive than…

3 Dec 2019

Eurotorg’s Strategy, Investment Chief on Funding Diversification

After issuing Belarus’ debut corporate Eurobond in 2017, Eurotorg tapped the Russian market for the first time in July with its RUB5n issuance. Bonds & Loans speaks with Andrei Matsiavin, the company’s Chief Strategy and Investment Officer about Eurotorg’s strategic focus areas, issuing in the Russian market, and its future funding plans.

22 Aug 2019

CASE STUDY: UK and US Investors Snap Up Russia’s USD2.5bn Eurobond Ahead of Sanctions

Russia raised USD2.5bn in a dollar-denominated Eurobond sale in June, with USD1.5bn notes maturing in 2029 at a yield of 3.95%, and another USD1bn in notes maturing in 2035 at a yield of 4.3% - despite the ever-impending threat of sanctions.

14 Aug 2019

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