CEE Bonds
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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.
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Georgian TBC Bank printed its long-awaited $300m five year bond on Wednesday from a book of over $700m.
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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.
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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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