CEE Bonds

After several years financing in the domestic and Asian markets, Hungary turned its attention to the next stage of reducing its external liabilities this week, and was overwhelmed by the positive response to its dollar euro switch, György Barcza, chief executive of Hungary’s debt management agency (AKK), told GlobalCapital.

Turkish oil refiner Tüpraş will start roadshowing a 10 year dollar bond on Friday, but the issuer’s links to Iran are expected to raise questions on the roadshow.

Czech rental housing company Residomo is marketing a €680m seven year non-call three year senior secured bond that is expected to garner interest from global high yield accounts and emerging market investors.

Hungary had taken books of €5.75bn for its new euro benchmark on Wednesday, after announcing that investors had agreed to tender $3.3bn of its outstanding dollar notes.

Turkey’s state-owned Ziraat Bank on Monday morning took orders of $1.25bn to print its second senior trade of the year in what bankers said was a notably softer market.

Credit Bank of Moscow this week revealed plans to buy back chunks of its outstanding Eurobonds as fears of further bail-outs kept Russian subordinated bank paper under pressure.

CPI Property, a big owner of real estate in central and eastern Europe, took to euros for its first international bond on Wednesday, and in doing so priced the biggest ever real estate bond from the region.

Hungary is set to take advantage of lower rates in euros to buy back its more expensive outstanding dollar debt.

Turkey’s state-owned Ziraat Bank on Monday morning took orders of $1.25bn of its second senior trade of the year.

Kazakhstan’s KazTransGas has made its debut in the bond markets, raising $750m of 10 year money at a price close to where its state-run owner, KazMunaiGas, trades.

Russia tapped its dollar denominated June 2027 and 2047 bonds on Wednesday, with a lead saying that many names new to the sovereign had bought into the debt reopening.

Vseobecna uverova banka and Stadtsparkasse München have both been keeping the sub-benchmark covered bond market busy with deals this week.