Ukraine

Ukraine was set to issue a highly anticipated bond on Wednesday, having started pricing with what some experts called "impressive" initial price thoughts. The deal follows one from Poland, which secured three year money at a negative yield in euros on Tuesday.

The Republic of Poland on Tuesday launched a three year euro bond, while Ukraine mandated banks for a 12 year dollar benchmark. Though bankers say the window is finally open for emerging market corporate issuance, there remains robust appetite for govvie debt.

Ukraine has finally accessed International Monetary Fund support, as the country won access to a $5bn stand-by arrangement this week, but more long running negotiations for an extended fund facility (EFF) are on hold for now.

Ukrainian and IMF officials have come to a preliminary agreement to provide the country with $5bn of aid after president Volodymyr Zelensky signed much-anticipated banking legislation into law. Market watchers have now urged the country to come to the bond market before the situation has a chance to sour.

Credit Suisse’s plan to launch a private credit opportunities fund has been undermined by a spying scandal, the departure of Jim Amine, and Covid-19, writes David Rothnie.

Ukraine’s politicians have finally passed a banking law that will put the country in line for a support package from the International Monetary Fund.

Ukraine’s Privatbank saga has ratcheted up again as the lender filed a new claim, worth $5.5bn, against its former owners.

The pace of emerging markets borrowers’ requests for official institution funding, amid the shocking deterioration of their bond markets, is picking up pace. On Sunday, Ukraine's president Volodymyr Zelensky said that he had discussed using International Monetary Fund resources to fight the economic impact of Covid-19.

Emerging market bond bankers were keeping their pipelines dry on Monday as fears about the new coronavirus stymied new issuance. But mandates still appeared, as Vodafone Ukraine signalled a roadshow for dollar bonds.

Ukraine printed its €1.25bn 10 year bond on Wednesday so far inside its own curve that its outstanding euro bonds moved 20bp tighter and its dollar bonds 10bp-15bp tighter. The deal drew a €7bn book.

Ukraine set price guidance on a 10 year euro bond on Wednesday morning and books for the deal had grown to over €4.5bn by lunchtime.

Investors eyeing Ukraine will have to wait until next year for a clearer view on how friendly the country is to foreign capital, after a court delayed a decision on the fight over Privatbank, the scandal dominating the country's financial affairs.