CEE Bonds
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Yury Kiselev has been promoted at Société Générale to head of debt capital markets for central and eastern Europe, the Commonwealth of Independent States and Russia. -
The Republic of Poland pulled in €6bn of orders for a five year benchmark bond on Monday, with the issue four times covered as coronavirus fear still ripped financial markets.
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Vakifbank printed its $750m 5.25% 2025s on Wednesday from a book that reached higher than $4.3bn at its peak, but the note was seen below re-offer in London’s secondary market on Thursday morning.
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Development Bank of Kazakhstan (DBK) is embarking on a roadshow to market a tenge-denominated Eurobond.
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Turkey's Vakifbank has released initial price guidance for a dollar benchmark, with the intention of printing the deal later on Wednesday.
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Issuers across CEEMEA are continuing to soak investors dry, as data indicates this has been the busiest start to the year on record. Bankers have brushed off claims that fears around coronavirus and geopolitical volatility will put an end to the boom.
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Czech lottery firm Sazka ventured into the euro high yield market again this week, issuing €300m of seven-year senior unsecured notes. The deal comes after Sazka made a successful debut in mid-November.
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Romanian telecoms giant Digi issued an €800m bond this week, offering investors exposure to risky but fast-growing eastern European economies. Digi is joining the long list of companies taking advantage of exceptionally favourable refinancing conditions in European high yield.
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Emerging market bond bankers were keeping their pipelines dry on Monday as fears about the new coronavirus stymied new issuance. But mandates still appeared, as Vodafone Ukraine signalled a roadshow for dollar bonds.
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The risk that huge amounts of oil and gas assets will be stranded by moves to tackle the climate emergency may be more pertinent for sovereign credit than for private sector corporate debt, according to new research.
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Romania sold €1.4bn 2% 2032s and €1.6bn 3.375% 2050s on Tuesday, managing to get away half of the country’s €6bn funding target for 2020 in one swoop.
