Citigroup handled the transaction which ended on May 5

canada goose store Latvia Canada Goose Jackets attempt market rehabilitation

Canada Goose Jackets LONDON, June 3 (IFR) Iceland and Latvia are on the buy canada goose jacket brink of staging a comeback to the capital markets, just three years after falling into the financial abyss.

Success is unlikely to come cheap but canada goose uk outlet regaining Canada Goose Online access to private sector lenders will likely prompt much soul searching in the euro zone bailed out periphery for which any return to the markets seems a long way off.

cheap Canada Goose Iceland attempt comes surprisingly soon after its people voted down a deal which would make uk canada goose them responsible for their banks exposures to UK canada goose coats and Netherlands governments who decided to guarantee domestic retail depositors who had billions tied up in the Landsbanki subsidiary Icesave.

buy canada goose jacket cheap Both Iceland and Latvia, respectively rated Baa3/BBB /BB+ and Baa3/BB+/BBB by Moody S and Fitch, are currently holding investor meetings to assess whether their economic recovery in the past years, will enable them to borrow on the international capital markets.

canada goose clearance sale Iceland began a roadshow for a RegS/144A transaction which allows qualified institutional US investors to participate on Wednesday and will conclude meetings on June 8.

Latvia, whose roadshow ends on the same day, has not visited the capital markets since 2008 Canada Goose Outlet when it was on the verge canada goose clearance sale of bankruptcy.

Iceland mandated Barclays Capital, Citigroup and UBS to conduct the meetings ahead of what would be the country first public canada goose uk black friday bond issue since it let its banking sector fail during the financial crisis in 2008 and its first visit to the international markets since 2006.

The timing of the announcement surprised some market participants, given that Iceland is still battling with the UK and Dutch governments over how the case will be resolved.

am surprised that the sovereign may be Canada Goose Coats On Sale in a position to resolve the Icesave situation as a referendum on the issue was held recently and the dispute appears to be ongoing at a legal level, said one banker.

Canada Goose Parka Investors will be looking closely at Iceland transaction Canada Goose Parka documentation to assuage fears there could be some repercussions but canada goose outlet with the canada goose coats on sale sale of Landsbanki assets, likely to prove sufficient to cover the USD5bn claims of the British and Dutch governments, the investors fears are muted.

canada goose coats recovery time for issuers in such instances has been falling in recent years, and with Bund yields at close to 3%, the return of Iceland could be attractive for income funds looking for sovereign diversification, said one bank official.

On May 16 Fitch raised its outlook on Iceland Canada Goose sale to canada goose store stable from negative, saying the rumbling Icesave dispute over debts from the 2008 collapse of Iceland banks was unlikely to delay an economic recovery.

But it far from plain sailing for Iceland with Standard Poor saying that while Iceland external financing requirements have receded following the referendum, it still lowered its long term local currency sovereign credit rating to BBB from Triple B.

canada goose black friday sale The action was canada goose clearance of Iceland high external and fiscal debt burdens, which we believe cheap canada goose uk could grow were it not for the Canada Goose online capital controls that limit canada goose factory sale residents capacity to invest overseas and non residents ability to exchange krona holdings for foreign exchange.

canada goose coats on sale Given the background noise, it would be a massive achievement for Iceland to price anywhere near similarly rated (Baa3/BBB /BBB ) fellow European sovereign Hungary.

At the start of May, its EUR1bn 6% January 2019 trade was sold at mid swaps plus 270bp.

canada goose Last month Iceland announced a cash tender of its last deal, sold in 2006, the EUR1bn 3.75% December 2011 as well as the EUR250m 5.375% April 2012 deal. Citigroup handled the transaction which ended on May 5, but investors were reluctant to part with the buy canada goose jacket cheap paper canada goose with just under EUR303m of the December 2011 issue tendered and EUR43.45m of the smaller issue.

As a result of the repurchase Iceland now has approximately EUR454m of outstanding bonds due for redemption in 2011 and 2012, compared to the originally issued amount of EUR1.25bn.

LATVIA LINES UP TOO Citigroup and Credit Suisse are arranging Latvia investor meetings which are the third it has conducted since December 2009.

Canada Goose Outlet Two years ago it received a EUR7.5bn bailout from international creditors, which it will start cheap Canada Goose repaying from 2012.

canada goose clearance It undertook drastic measures to address its economic situation, cutting public sector salaries, increasing VAT https://www.clevelandregionalmedicalcenter.com and nationalising Parex Banka.

canada goose deals Those deciding to invest in the sovereign will be doing so looking for higher yields compared to other Central and Eastern European states as well as sovereign diversification.

canadian goose jacket sovereign has taken the IMF requirements very seriously and have a very good story to tell, said one syndicate manager who pointed out that the outstanding Latvian bonds trade very tight making it difficult to pinpoint to where a new bond could be priced.

buy canada goose jacket The sovereign is almost certainly planning a US dollar Reg S/144a benchmark Eurobond to replicate the recent US$750m blow out deal from its southern uk canada goose outlet neighbour Lithuania. In March, Lithuania, rated Baa1/BBB/BBB, secured a US$5.25bn book for its 6.125% 10 year deal paying only 2bp of new issue concession at a canada goose uk shop spread of 282bp over mid swaps.

Latvia canadian goose jacket will obviously have to pay more, however, because of its deeper economic problems. Its five year CDS was quoted around 200bp recently having canada goose black friday sale exceeded the 600bp mark two years ago.

Canada Goose sale Latvia last Eurobond was a EUR400m 10 year sold in early 2008. The 5.5% February 2018 issue was yielding 4.98% 4.96% recently, or around 190bp over mid swaps.