CEE Bonds
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Credit Bank of Moscow sold its $600m five year bond “flat to the curve” on Wednesday, according to a syndicate official on the deal. -
Ukraine set price guidance on a 10 year euro bond on Wednesday morning and books for the deal had grown to over €4.5bn by lunchtime.
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Three CEE banks have announced new bond issues this week. Armenia's Ardshinbank has printed a $300m five year bond, Credit Bank of Moscow has initial price guidance out on a dollar five year benchmark and Sovcombank, another Russian bank, has released plans for a roadshow.
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Two CEEMEA sovereigns are taking the plunge this week — the Kingdom of Saudi Arabia with a triple tranche dollar benchmark and Romania with a dual tranche euro bond.
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Southern Eastern European telecoms group United Group, a BC Partners and KKR portfolio company, is preparing an all-bond financing package for its takeover of Bulgaria’s Vivacom, marketing new senior secured bonds and an add-on to its existing 2025 PIK notes.
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Transition bonds are likely to be a key part of the development of a sustainable economy in central and eastern Europe, delegates said at the Euromoney Central and Eastern European Forum in Vienna this week. While investors are keen to put money to work in the region, government support is still needed.
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Turkey lender TSKB printed its $400m five year senior bond on Wednesday inside its own curve. The sale drew a $3.9bn book, allowing a big tightening from initial guidance to pricing. Following the clear success of the deal, other Turkish banks are expected to follow, starting with Isbank which was straight in with its own subordinated bond on Thursday.
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Emerging markets telecommunications firm Veon, formerly Vimpelcom, printed a $300m tap of its $700m 4% April 2025s on Wednesday from a book of more than $1bn and paying a new issue premium of only 5bp, according to a syndicate official on the tap.
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Turkiye Sinai Kalkinma Bankasi (TSKB) has released price guidance on the first benchmark Turkish bank bond since March last year. Books had reached over $2.2bn by midday and the market has been told to expect a $400m deal.
