CEE Bonds
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Ukraine has released initial price guidance for a euro deal that the country has been waiting to print since before Volodymyr Zelensky’s presidential victory in April. -
The Republic of Croatia launched its €1.5bn 10 year bond on Wednesday afternoon in London from a book of €6.4bn at a level 7bp inside of fair value, according to a lead manager on the note.
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TBC Bank, Georgia’s largest bank by assets, loans and deposits, has set the size for its debut dollar bond at $300m and order books for the deal are already well over that amount.
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GeoProMining printed its $200m five year bond on Wednesday and a banker on the deal said the success of the note was a further sign of how much more comfortable investors have grown with Russia credit.
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If the date of one major capital markets event in Russia is anything to go by, the locals have given up on attracting US investors all together.
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BAWAG, SP Mortgage Bank and Tatra banka have all set their sights on the euro covered bond market, mandating for deals across the maturity spectrum.
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The CEEMEA region is lining up one of its busiest fortnights of the year for bond issuance as Black Sea Trade and Development Bank and the Republics of Serbia, Croatia and Lithuania join a swathe of EM issuers already on the road. JP Morgan looks to be solidifying its position at the top of the CEEMEA league tables — it has been picked for every one of the deals mandated on Tuesday.
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Ukraine has mandated banks for a seven year euro-denominated benchmark bond, with the sovereign due to meet investors after a sharp rally in its bonds.
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The Federal Reserve is losing confidence in the US economy, global economic growth is flagging and Treasury yields are staggeringly low. Emerging market assets, meanwhile, are full of beans, as low rates and healthy risk appetite provide a magic combination for EM companies looking to raise capital. But the Fed is worried for a reason: there’s trouble ahead, write Lewis McLellan and Sam Kerr.
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Magnitogorsk Iron & Steel Works (MMK) broke a 16 year bond market hiatus with a five year dollar benchmark on Wednesday, raising $500m without paying a new issue premium.
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PKO Bank Hipoteczny issued its debut green covered bond on Wednesday, the first deal of its type from Poland. This deal is the ninth covered bond with an environmental and social governance (ESG) purpose to have been launched this year and, according to Commerzbank research.
