CEE Bonds
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GeoProMining Group, a mining company operating in Russia and Armenia, announced its first ever bond on Thursday — a Reg S dollar five year. -
TBC Bank, Georgia’s largest bank by assets, loans and deposits, is hitting the road to market a dollar senior unsecured bond.
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Magnitogorsk Iron and Steel Works, the second largest steel producer in Russia is embarking on a roadshow for a dollar benchmark five year bond — its first for 16 years.
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Russian borrowers are making their presence felt in international capital markets. Two syndicated loans are expected to close this week, as well as a bond from a steel manufacturer. The sovereign is also eyeing up the the primary bond market, but the threat of further US sanctions still looms.
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Novolipetsk Steel (NLMK) placed a $500m seven year bond on Wednesday inside its own curve and at its tightest ever spread to the Russian sovereign, according to a lead manager on the deal.
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US Energy Secretary Rick Perry said on Tuesday that a sanctions bill restricting companies involved in Russia's Nord Stream 2 project would come in the “not too distant future”. That left investors wondering how and if this will affect their portfolios as bond bankers dredged up memories of when Nord Stream 1 was on track to print its own international bond through BNP Paribas before capital markets sanctions were imposed on Russia in 2014.
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Novolipetsk Steel (NLMK)’s $500m seven year bond drew a book in excess of $1.5bn on Wednesday morning allowing leads to tighten initial guidance, which they said offered a 30bp new issue concession.
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NLMK, the Russian steel producer, is likely to keep its approaching benchmark small and tightly priced, according to an investor who met with the borrower on Monday.
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Russian Rail’s debut green Eurobond last week met with strong demand, but some investors had reservations about buying green bonds from a company owned by the Russian state and used to transport fossil fuels. Antonio Keglevich, UniCredit’s head of sustainability bond origination, responded to the criticism.
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PKO Bank Hipoteczny has published its green covered bond framework which complies with the International Capital Market Association’s Green Bond Principles, the Climate Bonds Initiative’s standard for residential buildings and has a second party opinion from sustainability rating agency, Sustainalytics.
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Slovenska Sporitelna is planning to market its first internationally syndicated Aaa-rated euro covered bond, which could be sold in benchmark size. The expected deal follows Slovak Vseobecna uverova banka’s (VUB) €500m five year which was one of the best performing trades this year.
