bne_newspaper_February_16_2019

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Content:
2 Top Stories
5 The Regions This Week 6 Chart
7 bne Invest
12 Central Europe 15 Southeast Europe 18 Eastern Europe 21 Eurasia
24 Opinion
25 bne Tech
February 16, 2019 www.intellinews.com
Sentiment on emerging markets and Russia turning as EM funds have second biggest inflows ever
Ben Aris in Berlin
After a terrible year in 2018 sentiment towards emerging markets (EMs), and Russia in particular, seems to be turning more positive after EM bonds funds had their second best week on record in terms of inflows and equities also attracted new money, Slava Smolyaninov, executive director, chief strategist of BCS Global Markets, reports.
Uzbekistan’s eurobond debut proves smash hit
bne IntelliNews
Uzbekistan’s $1bn sovereign bond debut has proved a smash hit with some initial reports indicating the demand was there for as much as $8.5bn, making the issue 8.5-times oversubscribed.
The launch was made with yields of 4.75% on the 5-year note and 5.375% on the 10-year note, an anonymous source told Bloomberg on February 13.
“EM assets still got a lot of love last week as it proved second best on record for EM bond funds. Inflows into stocks stayed at a steady healthy level with no signs of overheating – unlike those of bonds,” Smolyaninov said in a note to investors.
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Economic reforms in Uzbekistan have included the lifting of strict currency controls. Pictured is a bundle of som (a $100's worth as things stood in 2009).
The debut had generated an air of optimism among investors who attended Uzbekistan’s New York, Boston and London roadshows. The issuance is set to pave way for regular debt sales.
Many comparisons have been made between
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