CEE Bonds
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Belarusian food retailer Eurotorg’s $350m new issue traded up in the secondary market on Thursday morning, demonstrating the high appetite for rare corporate bonds from emerging markets. -
Belarusian food retailer Eurotorg tightened price guidance on Wednesday for a $300m-$350m bond to 9.125%-9.25%. Syndicate officials away from the deal said that level was much wider than they expected for the note but a lead manager has launched a staunch defence of pricing.
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Emboldened by the ability of its neighbour Tajikistan to access the capital markets, Uzbekistan is preparing ground to secure its first sovereign rating, with a view to issuing a Eurobond in the future, according to sources.
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Turkish oil refiner Tupras hit screens for the first time in five years on Thursday, with the transaction successful despite a geopolitical ruckus and a fatal tragedy at one of the company’s plants.
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Romania reopened its 2.375% April 2027s on Tuesday for €1bn, pricing the tap 12bp inside initial price thoughts that were described as “very attractive”.
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Turkish oil refiner Tüpraş is on screens for the first time in five years, with the transaction expected to be successful despite a geopolitical ruckus and a fatal tragedy at one of the company’s plants.
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Russia’s Renaissance Capital has hired Petr Molchanov as head of investment banking for its home market.
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Romania reopened its 2.375% April 2027s on Tuesday for a further €1bn, pricing the tap 12bp inside the “very attractive” initial price thoughts.
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Moody's expects Agrokor's creditors to recover at the low end of the 35% to 65% range on average, and that unsecured bondholders will get less than 35% of what they are owed.
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Food retailer Eurotorg met investors this week to market the first ever international bond from a Belarusian corporate, but bankers were sceptical about whether there will be an influx of issuance from the former soviet state.
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