CEE Bonds
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Uzbekistan has told investors that it is focused on a dual tranche five and 10 year transaction and that indications of interest received so far are in excess of $1.5bn.
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Turkey has picked banks for its third benchmark of the year and its first since 2017 to be issued using sukuk documentation. Bankers say another Turkish borrower could mandate before the end of the week. -
Akbank is kicking off the first set of refinancings of the year for Turkish banks, launching its syndication with a smaller volume and tighter margins than last year’s deal. But lenders are divided on whether the deal represents an achievement for the Turkish bank, or betrays an outlook festooned with risk. Mariam Meskin reports.
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The roadshow for Uzbekistan’s debut dollar denominated 144A/Reg S benchmark started this week, but with only two of the three international banks originally picked for the mandate still present on it.
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Gazprom, the Russian state oil and gas company, printed its $1.25bn 5.15% 2026s on Wednesday, with a book that peaked at over $5bn and with pricing estimated at 5bp-10bp inside its own curve, according to lead managers. The bond was the first from Russia in dollars since the US sanctions imposed on the country last April.
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Gazprom, the Russian state oil and gas company, has released price guidance for its seven year dollar benchmark bond, offering a 15bp new issue concession, according to investors. Credit Bank of Moscow is also queued for a return to the international bond markets next week in euros. Russian issuers are re-emerging after some of the US sanctions were lifted last month, improving sentiment.
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Turkish President Tayyip Erdogan said on Tuesday that Isbank will become the property of the country's finance ministry, in what a US-based investor said he saw as a 'further consolidation of Erdogan power'.
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Uzbekistan landed on screens on Monday morning, announcing a roadshow to promote its debut in the Eurobond market.
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Russian state-owned oil and gas giant Gazprom announced the mandate for a new dollar benchmark bond on Thursday, just days after a well-flagged move by the US Treasury to lift sanctions on Rusal and EN+. Market participants hailed the move as providing a more “constructive” and “encouraging” environment for Russian bonds.
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State-owned Russian oil and gas giant Gazprom is embarking on a US roadshow with investors keen to take a look, ignoring any threat of possible further sanctions from the country.
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The hopes of emerging markets participants were proven well founded on Wednesday when US Federal Reserve chair Jerome Powell walked back from the aggressive trajectory of rate hikes he had previously suggested.
