CEEMEA volumes stand firm

摘要

Heightened geopolitical tensions. Declining commodity prices. Volatile Treasury yields. The CEEMEA bond market has had plenty thrown its way this year but it's a testament to its resilience, its depth and its breadth that new issuance volumes are actually up year on year if Russian supply is stripped out of the data. Borrowers from the region, excluding Russia, had sold US$111.11bn of new bonds for the year up to October 15 including last week's Yapi Kredi US$500m five-year issue, according to Thomson Reuters, compared with US$103.38bn over the same period in 2013. "Our region has come of age," said one origination official, who was not surprised by the data. The difference is largely down to the Middle East, where issuance volumes are at US$39.81bn, year-to-date, compared with US$32.86bn last year. African and African-related volumes, meanwhile, are the same, according to Thomson Reuters, at US$22bn.