CEE Bonds
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The Development Bank of the Republic of Belarus raised $500m with its first ever Eurobond on Wednesday, slicing 25bp off its yield from initial price thoughts. -
The Development Bank of the Republic of Belarus has released initial price guidance for its Eurobond debut at 7% area for a five year Reg S/144A dollar bond. A banker away from the deal called the level fair.
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A softening in Ukrainian bond spreads may prompt the country's debt management officials to drag their feet over issuing its next public bond. It would be better for them to get moving.
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DCM bankers are expecting a sovereign bond from Ukraine imminently, after Vladimir Zelensky, a 41 year old Russian-speaking comedian, won the country's presidential election on Sunday.
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The calls have started to emerge for Turkey to turn to the IMF. Turkish president Recep Tayyip Erdoğan has always been dead set against the idea — and perhaps that’s for the best.
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Turkey is butting heads with Nato over the purchase of a Russian missile system, with the diplomatic tensions weighing on the nation’s currency and asset prices. This is despite the improving economic data offering signs that the country may be leaving recession.
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Turkey’s finance minister, Berat Albayrak, announced an economic reform programme on Wednesday that left bond investors underwhelmed by promises of TL28bn ($4.88bn) of capital support for Turkey’s state banks. However, the loans refinancing season is progressing undeterred.
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CPI Property Group, a central and Eastern European specialist, raised €550m from a hybrid bond on Tuesday, but the debt slumped on Wednesday when a US hedge fund with which it has been fighting a legal battle filed a new $1bn lawsuit in New York. David Greenbaum, CPI’s CFO, told GlobalCapital the allegations were ridiculous and had been concocted in a deliberate attempt to disrupt the deal.
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GTLK, Russia’s state transport leasing company, printed a $500m six year bond on Wednesday from a book of just over $1.5bn.
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GTLK, Russia’s state transport leasing company, is in the market with a Reg S six year dollar bond, returning to the market after pulling a deal in February 2018.
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CPI Property Group returned to the bond market on Tuesday, raising €550m with a hybrid callable in October 2025.
