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In spite of the turmoil seen in credit and oil markets in recent months, Lukoil, one of the largest publicly traded oil & gas companies in the world with operations in over 30 countries, was able to issue a competitively-priced USD1.5bn benchmark Regs/144a bond.
15 May 2020
Ukraine passed an amendment to its banking rules this week that would prevent insolvent banks from being returned to their previous owners, potentially unlocking billions of dollars in support from the IMF and other multilateral institutions.
14 May 2020
Though down from the levels seen in early March, the share of foreign investors in Russian sovereign bonds stayed above 30% as juicy yields, calming global markets and a dovish outlook at the CBR attracted foreign buyers.
20 Apr 2020
Concerns over excessive dollarization and a high concentration of loans to state-owned enterprises, many of which were offered at preferential rates, could weigh on Uzbekistan’s banking sector and throw privatisations into question in the face of record global market turbulence.
16 Apr 2020
The company was forced to pull its latest international bond issuance after a roadshow in London as market sentiment deteriorated rapidly, and is now seeking to tap the rouble market instead.
14 Apr 2020
One of Russia’s largest lenders joins a growing list of banks carrying out liability management exercises amid growing pressure on the sector from the COVID-19 pandemic, as Fitch Ratings shifts sector outlook to negative.
8 Apr 2020
Over the past two years the sub-sovereign bond market has been largely stagnant, but as budgetary constraints force regional issuers to tap the bond markets, rising costs of debt will act as an impediment.
8 Apr 2020
The Russian government introduced sweeping changes to the tax regime in order to support businesses and SMEs, while seeking to secure additional revenue streams elsewhere. But while the country’s ample FX reserves should see it fare better than many EM peers, its banking sector – subject to a massive and prolonged consolidation over the past five years – is also feeling the squeeze.
27 Mar 2020
Central Asian republics have scrambled to raise rates as their currencies plummeted following a double blow from COVID-related market turmoil and a collapse in the oil price.
17 Mar 2020
The issuer “boarded the last train” as EM bonds plummeted on the back of coronavirus-related fears, securing the tightest pricing for any Russian corporate issuing in the swiss franc market.
13 Mar 2020
The share of non-resident investors holding the Russian Treasury’s rouble-bonds (OFZs) has reached 34.1% this month, up from 33.2% at the start of February, according to data published by the Russian Central Bank.
13 Mar 2020
The new 6-year notes, part of RZD’s green bond programme, priced at a stunning 0.84% just as global markets began shutting down due to coronavirus-related shocks.
11 Mar 2020
The issuance came at a significant premium and questions have been raised about the timing, as a 50bp Fed rate cut arrived shortly after the placement.
5 Mar 2020
Demand for government notes grew 1.5x from 2018, but was outpaced by more than 3x increase in supply, according to official state figures.
4 Mar 2020