
Central & Eastern Europe


Ukrainian state banks urged to kickstart NPL sales to market as regulator assists with guidelines
Ukrainian state banks are expected to finally step up this year the sale of their voluminous non-performing loan (NPL) portfolios, which make up 45.5%-73.5% of the total loan books of the country’s top three banks, Oschadbank and Ukreximbank and PrivatBank, according to several banking sector experts and lawyers.
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Belarus investors urged to verify use of 2026s and 2031s proceeds, warned about lack of government’s authority since 5 November
The Coordination Council of Belarus, recognised by the EU and the US as a body facilitating the peaceful transition of power in the country, has sent statements to international financial institutions warning that the proceeds of the country’s latest USD 1.25bn Eurobonds might have been used to fund state repressions and that the current government lacks the authority to raise further funding, according to documents seen by Debtwire.
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Poland introduces new restructuring procedure in wake of pandemic; state aid package most generous in region
A new type of court restructuring proceeding has been introduced in Poland as part of the COVID-19 crisis legislation: simplified restructuring proceedings available until June 2021, allowing the debtor to individually initiate the proceedings, said Karol Czepukojc and Pawel Dlugoborski, two counsels co-heading Baker McKenzie’s restructuring and insolvency practice in Poland.
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Belarus bonds spark ESG debate; economic sanctions risk could discourage holdings
Joint lead managers of the Government of Belarus's USD 1.25bn Eurobonds issued in June - Citigroup, Raiffeisen Bank International (RBI) and Societe Generale - and secondary market trader Barclays have been sent letters urging the lenders to terminate involvement with the notes, according to the correspondence with the banks seen by Debtwire.
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Plans to retroactively reduce green tariffs causing concern over Ukraine’s investment case
The Government of Ukraine’s approach to retroactively cut tariffs for green energy projects developed in the country are causing concern among investors and damaging the country’s investment case, according to market participants polled by Debtwire.
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Belarus presidential elections worry investors; central bank’s independence under threat again- Russia, CIS and CEE Weekly Comment
Newly issued Belarusian sovereign Eurobonds continue to trade with wide spreads on mounting investor concerns ahead of the 9 August presidential elections. A peaceful transition of power in the style of the 2018 Armenian ‘Velvet revolution’ is the most desirable but nearly impossible outcome for the country which has been under the strong grip of Aliaksandr Lukashenka for the last 26 years, agreed most of the experts polled by Debtwire.
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Russian bankruptcy law proposal seeks to limit related party influence, but measures may yet be diluted
The Ministry of Economic Development of the Russian Federation has submitted a draft law to its parliament, which is considered a reform of its existing bankruptcy legislation, introducing, amongst others, efficient debt restructuring tools.
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Bakhmatyuk claims NABU investigation 'politically motivated', creditor and company interests aligned - exclusive interview
Oleg Bakhmatyuk told Debtwire he believes the revival of an investigation into the alleged embezzlement of a UAH 1.2bn (USD 49.6m) stabilisation loan received by VAB Bank – a bank he previously owned that was liquidated in 2015 – is “purely politically motivated”.
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'Laird of Moscow' Mints' assets frozen as Bank Otkritie damages claim comes to London
When the Tower of Lethendy, a baronial-style eight-bedroom castle near Perth, Scotland, went on the market in 2015 for more than GBP 2.5m, pop icon Taylor Swift was among those rumoured to be an interested buyer.
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Vostochny Bank could avoid bailing-in subs if shareholders provide support
Vostochny Bank’s (Orient Express Bank) partial sale of its retail loan portfolio might not raise sufficient funds to comply with the central bank regulations and shareholder support is likely to be necessary to bolster its capital, agreed five sources polled by Debtwire. The Russia-based private bank needs to boost its capital levels by end-August to avoid a mandatory conversion of subordinated debt into equity or its principal write-down.
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Uzbekneftegaz debut Eurobond likely due in late 2020
Uzbekneftegaz’s debut Eurobond is likely to come to market in the latter half of 2020, according to two sources familiar with the company.
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Ukraine bonds rally on government rebuttals, positive investor call following Kolomoisky’s 'default' comments
Ukrainian bonds have had a roller-coaster week so far but have recovered to levels above last Friday’s (24 May) close, following supportive comments from President Volodymyr Zelensky’s team and a global investor call held by the country’s ministry of finance on 29 May, according to an analyst and a trader.
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Belarus could issue Russian ruble bond in next two months, likely to issue Eurobond RFP next year
The Government of Belarus could issue a Russian ruble-denominated bond in the next two months, according to a source at the country’s Ministry of Finance.
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Ukraine's political uncertainty to live past presidential elections as maturity wall looms
As Ukraine’s tightly contested presidential race enters its last stretch this week, policy uncertainty is expected to dominate until a very likely second round of elections in April, if not until the October parliamentary polls, market participants told Debtwire. This uncertainty spells bad news for a country reliant on external funding to make USD 20bn in sovereign and quasi-sovereign debt repayments between 2019 and 2021, they said.
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