CEE Bonds

The Republic of Belarus is considering reopening its $600m 7.625% 2027s, according to a source with knowledge of the matter, after a strong rally that has made them the best performing hard currency bonds in CEEMEA in the last six months.

Polyus Gold, Russia’s largest gold producer, priced a $250m convertible bond on Friday, just a day after issuing a separate mandate for a new Eurobond.

United Company Rusal has returned to its core currency after issuing two Panda bonds via private placement last year. The Russian aluminium producer will meet investors for a dollar bond of intermediate maturity next week.

Turkish petrochemical manufacturer and debut issuer Petkim Petrokimya Holding was marketing a five year bond at what one rival banker called a “punchy” starting point on Friday.

Debt management officials met in Vienna this week at Euromoney’s annual Central & Eastern European Forum. After a record year for CEEMEA funding in 2017, 2018 has begun with equally supportive conditions, though CEE sovereigns will maintain a measured approach to borrowing this year. GlobalCapital presents a round-up of some of their funding plans for 2018.

Fibabanka has launched its $300m five year senior unsecured bond at 6%, with leads having built a book of just under $500m for the bond, which had been postponed from October.

Fibabanka began marketing its revived five year bond at 6.25% area on Thursday.

Russian fertiliser producer PhosAgro placed the first Russian corporate bond of the year on Wednesday, securing a coupon of below 4%.

Alfa-Bank will be the first Russian privately owned bank to test demand for additional tier one (AT1) securities since the write-down of capital bonds from Otkritie and Promsvyazbank.

Polyus Gold has announced plans to issue a Eurobond, three days after terminating an agreement to sell a stake to Chinese investment company Fosun International.

Fibabanka has restarted a dollar bond issue that it postponed last year.

PhosAgro, a Russian phosphate-based fertiliser company, has released price guidance for a $500m 5.25 year bond that a banker away from the deal and an investor are calling “fair”.