Latvia
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Parliamentary approval of Estonian covered bond legislation opens the way for Luminor Bank to make the first steps towards establishing a pan-Baltic covered bond market, according to the bank’s head of treasury, Max Ehrengren. -
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Latvia came to market on Tuesday morning for a 30 year euro benchmark, reawakening a dormant Central and Eastern European bond market.
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The Republic of Latvia hit screens on Monday to announce a 30 year euro benchmark — breathing life back into what has been a rather quiet Central and Eastern European bond market.
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Luminor Bank, an Estonian financial institution, was looking to place a small senior unsecured deal in the euro market on Wednesday, in spite of volatile market conditions. The transaction will be the issuer’s first step towards reducing its reliance on bank facilities as a means of funding.
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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.
