CEE Bonds

SMBC Nikko has hired a new head of emerging markets credit trading as it looks to build out its fixed income offering.

Russia’s Otkritie Bank last week announced plans to write down its outstanding tier two bonds, including an old-style $500m 10% April 2019 tier two, the contractual terms of which did not include a write-down feature. The move was an invitation to sue the private lender, said one EM portfolio manager, and GlobalCapital can reveal that Baker & McKenzie is building a case to bring against the bank.

The Republic of Bulgaria has investment grade ratings from all three big rating agencies, after Standard & Poor's last Friday revised the country's credit rating to BBB- from BB+.

The Philippines postpones its Panda bond deal as it awaits approval from China’s central bank, Hong Kong Exchanges and Clearing (HKEX) opens its first office in Singapore, and the renminbi falls to seventh place in the league table of the world’s most used payments currency in October.

Bulgarian insurer Eurohold sold a €70m five year bond on Thursday, rolling many investors from an old bond into this new one.

The Development Bank of Kazakhstan has mandated three banks for the first ever tenge senior unsecured Eurobond from the country.

Energo-Pro became the latest high yield corporate to join the recent run of supply from central and eastern Europe on Thursday, increasing the size of its debut deal after a decent bookbuild allowed it to raise an additional €20m.

Bulgarian insurer Eurohold has set the minimum size of its five year bond to €50m but postponed pricing from Wednesday to Thursday to allow more orders to come in.

The inaugural issuance of Baikal bonds — denominated in renminbi and issued in Russia — has come closer this week as the Russian Ministry of Finance toured Hong Kong and Mainland China on a non-deal roadshow, sources told GlobalRMB.

Bulgarian insurer Eurohold has released initial price thoughts for a five year bond of up to €100m.

The Republic of Turkey is planning to use yen to round off its funding for the year, and has named three leads to arrange the deal.

Bulgarian insurer Eurohold is attempting to cancel the bonds it issued last year as it markets a new deal this week.