CEE Bonds
-
Sovcombank printed a tier two bond on Monday at the wide end of guidance and the lowest end of the expected size range, which an investor said was a sign that the deal was “struggling” over the line. But a lead manager on the note pointed to healthy trading on Tuesday and its debut status and said that the issuer had simply taken sensible decisions after an in-depth price discovery process. -
Kernel, a Ukrainian agriculture company, has returned to the international bond market for the first time in two years, defying the political turmoil developing in Ukraine.
-
Sovcombank was in the market on Monday morning with a subordinated bond, just 10 days after the issuer’s credit rating was upgraded by two major ratings agencies.
-
-
-
Russia’s State Transport Leasing Co, also known as GTLK, printed a $550m Reg S bond on Wednesday from a book of more than $1.3bn, with a surprisingly high proportion of US offshore demand.
-
Montenegro came to market on Thursday for its first ever 10 year bond. Demand for the euro deal proved strong enough for the issuer to raise €500m and allowed the leads to set the yield roughly flat to fair value.
-
Kazakhstan printed a €1.15bn dual tranche bond on Wednesday from a book of more than €3bn at its peak, at levels that lead managers said were 6bp inside the curve for the seven year and 4bp inside for the 15 year. Bankers away from the deal saw fair value differently but conceded that there could be different views on the calculation.
-
The Republic of Kazakhstan has impressively tightened initial price thoughts for a euro dual tranche seven and 15 year bond, but rivals are saying that the issuer started very wide. Bankers on the deal disagree.
-
Nordgold, a gold mining company with assets in Russia, Kazakhstan, Burkina Faso, Guinea and Canada, has mandated banks for its first bond in more than six years.
-
Hypo Noe and Prima banka Slovensko competed for investors’ attention with similar sized covered bonds in the same seven year tenor on Tuesday. The Austrian transaction was priced with barely any concession and the higher rated Slovakian transaction was the first debut deal to price with a negative yield and the first from Central and Eastern Europe with a negative yield.
-
The Black Sea Trade and Development Bank is set to spark a flurry of regional bank issuance in the Azerbaijani debt markets, as it plans to tap manat investors. Meanwhile, more of Azerbaijan's borrowers are looking in the opposite direction, as they seek to diversify their funding outside of the domestic market.
