CEE Bonds
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Gazprom raised €1bn on Tuesday from the first public international bond sale from Russia since April saw the US imposing a punitive round of sanctions on the country. Rushydro followed on Thursday with a Rmb1.5bn ($220m) three year bond. -
Two emerging market borrowers had to postpone deals this week, thanks to volatility in the market. Naftogaz and Emirates NBD have had to put plans for their five year dollar benchmarks on hold.
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Gazprom on Tuesday sold the first public international bond from Russia since a punitive round of US sanctions was put on the country in April.
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Two emerging market borrowers have been forced to postpone planned deals this week, with investors demanding better yields to risk their cash in the volatile market.
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Russian giant Gazprom and Ukrainian oil and gas firm Naftogaz, who have been locking horns in court, both chose Tuesday to release price guidance for new Eurobonds. The Gazprom deal will be the first public international bond from a Russian issuer since the US sanctions that shook the market in April. The Naftogaz bond is its first since 2009.
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CEZ, a Czech utility company, came to market for four year euros on Tuesday, returning to the currency for its largest deal since 2013.
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The Republic of Slovenia has priced the flotation of Nova Ljubljanska Banka at a final offer price which values the bank at €1bn, fulfilling a commitment to privatise the bank before the end of the year.
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Two emerging market (EM) sovereigns hit the euro market this week: one debuting and the other returning after a year-long absence. Both deals met with warm receptions, giving some credibility to the notion that euro investors will be happy to stay in EM deals even as quantitative easing (QE) winds up and rates climb.
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Turkey’s first euro benchmark in four years hit the market on Wednesday, raising €1.5bn with a February 2026 deal before being hit by a sell-off.
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RusHydro will come to market for a dual tranche deal in rubles and offshore yuan, following a roadshow to promote the bonds.
