CEE Bonds

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.

Slovenia tapped two euro bonds for €700m this week to exchange investors out of some of its dollar debt, in a move that bankers said shows the issuer is one of Europe’s most astute borrowers.

Ukraine made a barnstorming return to the international bond market this week and extended its curve to 15 years, though the new deal has slipped below reoffer in the secondary market.

PKO Bank Hipoteczny extended its covered bond curve this week with a deal that was more widely distributed and attracted more demand than any of its previous deals.

Slovenia has set final terms on a €700m combined tap of its 2027 and 2040 notes, with leads expecting the trade to have wrapped up by early afternoon on Wednesday.

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