CEE Bonds
-
The Black Sea Trade and Development Bank (BSTDB) has said it is focusing on selling a three year bond this week. -
Moody’s took the axe to Turkey’s credit rating after market close on Friday, cutting the sovereign’s rating from Ba3 to B1 in a move that has raised hackles from some international investors.
-
-
Ukraine set the terms on its €1bn seven year bond on Thursday afternoon, taking advantage of a huge bid for CEE euro sovereign deals this week and a rally in the country’s own debt since president Volodymyr Zelensky was elected at the end of April.
-
A bevy of names from central and east Europe issued bonds this week and more are lining up amid a dramatic mood shift among investors.
-
Všeobecná úverová banka (VUB) has issued the first ever 10 year covered bond from Slovakia, thanks in large part to the high spread that ensured a 0.5% coupon — a return that investors demand — but one that is now out of reach for most European names in this tenor.
-
Georgian TBC Bank printed its long-awaited $300m five year bond on Wednesday from a book of over $700m.
-
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.
-
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.
-
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.
-
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.
