CEE Bonds

Turkiye Sinai Kalkinma Bankasi batted away suggestions on Tuesday that its deal would suffer from pricing on the same day as the Turkish sovereign, printing a $350m five year bond from a book of $1.15bn and 15bp inside initial price guidance.

Puma Energy made a strong start for non-financial corporate issuers on Monday, making full use of investor familiarity with the credit — and some excess cash — to make its $750m market return.

PhosAgro, a Russian phosphate-based fertiliser company, is embarking on a series of investor meetings to market a five to seven year dollar bond.

The Turkish sovereign has mandated three banks for its usual start of year dollar bond while Turkiye Sinai Kalkinma Bankasi released guidance for its note. But the latter drew criticism for going head to head with its sovereign.

Two corporate issuers are making early moves into the capital markets this year without waiting for sovereign issuers to establish benchmarks, showing the strength of funding conditions in emerging market debt, said bankers.

Petkim Petrokimya Holdings, the largest petrochemical company in Turkey, has received approvals to issue an international bond of up to $500m.

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Republic of Macedonia has named three banks to arrange investor meetings for a combined buyback and new euro-denominated bond as the Southeast European sovereign looks to extend its maturity profile.

As the first trades of the new year hit the screen this week, one new line stuck out in the deal announcements — a specification that the target market for the issue would only be eligible counterparties and professional clients, a piece of boilerplate to comply with the new MiFID II rules.

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The Republic of Slovenia brought forward a euro-denominated trade by as much as a week in order to take advantage of a strong issuance window, which enabled it to increase the size of its deal by €500m to €1.5bn, according to Marjan Divjak, director general of Slovenia’s debt management office.

Emerging market borrowers will front-load their funding tasks in 2018, according to several EM bankers who are predicting a busy month.