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Since 2004, privatization in Ukraine has sought to follow an auction system but, as restrictions and requirements are placed on bidders, the winning bid is often poorly contested and so poorly priced. An example of this was seen when Luhanskteplovoz, a monopoly Ukrainian producer of locomotives and trams, was sold in March to a Russian bidder for $60 million in a non-contested auction.

In late May, Fitch Ratings cautioned that the outlook for debt issuance from central and eastern Europe might not be quite as rosy as some bond originators would have us believe. Although acknowledging that macroeconomic fundamentals in the region are strong and that the global environment remains generally supportive, the London-based ratings agency warned that substantial external financing requirements in some states mean that they are relatively highly exposed to a potential abrupt tightening in global liquidity. "Sovereign credit ratings in emerging Europe have risen further over the past 12 months, with seven upgrades and no downgrades," says Ed Parker, head of Fitch’s emerging Europe sovereign group. "However, upward momentum may be running out of juice, with only three countries – Armenia, Kazakhstan and Ukraine – now on a positive outlook and two – Hungary and Latvia – on a negative outlook."

Funding officials at the largest 250 borrowers on the global debt capital markets were asked to rate their top three preferred banks in one of three categories: services to clients, major currency sectors, and by product type.

Dividend swaps market soars as investors profit.

Amid the fallout from the US sub-prime sector collapse, investors are once again questioning the role of the ratings agencies. It’s not just that the agencies assessed the risks so badly; their harshest critics suggest the main cause for concern is that the raters are too cosy with the issuers on which they pass judgment. Alex Chambers reports.

As the boundaries of corporate securitization are increasingly stretched, the foundations upon which the concept is built are rapidly being eroded.

The Russian advertising group’s issue was a breakthrough diversification for the region’s borrowers from CLNs to high-yield bonds.

The sell side’s failure to engage its clients in plans for Project Turquoise could jeopardize its success.

Housing provision for a burgeoning youthful population puts the development of a mortgage market centre stage in the GCC countries.

Worst of times overcome as investors look to the long term.

It’s not often that you’ll find the majority of Euromoney staff in the same room together, what with vital conferences, meetings and sports-betting events going on all around the world. But to find them all in a church is surely a first.

Increasing international competition for China listings, most notably between London’s Alternative Investment Market (AIM) and China’s domestic markets of Shanghai and Shenzhen, is squeezing market leader Hong Kong, say insiders.