CEE Bonds
-
Corporate issuer debuts and long awaited sovereign market returns have given emerging market investors an array of trades to look at this week, surprising some who thought they were in for little more than watching the US Federal Open Markets Committee meeting on Wednesday. -
Kazakhstan’s KazTransGas has opened books on a debut 10 year dollar benchmark trade with initial price thoughts that leads reckon is around 30bp back of its similarly rated state-run owner, KazMunayGas.
-
Ukraine opened books on its first Eurobond since 2013 on Monday, with the pricing labelled both “attractive” and “silly” by different corners of the market at initial price thought levels.
-
The EM bond market is primed for trades this week, though syndicate bankers said that there were few names ready to pull the trigger other than Ukraine and the Islamic Development Bank (IDB), which have already hit screens.
-
-
The Central Bank of Russia (CBR) has added Credit Bank of Moscow (CBM) to its list of systemically important banks (SIBs) this week, prompting a 2.5 cash point rally in the issuer’s subordinated bonds.
-
-
The Swiss bond market welcomed Russian Railways back to the market after a five year absence this week.
-
Russia’s Novolipetsk Steel (NLMK) was making prudent use of lower funding costs on Thursday to buy back its more expensive outstanding dollar debt.
-
The Bank of Russia has added Credit Bank of Moscow to its list of systemically important banks (SIB), prompting a 2.5 cash point rally in the issuer’s subordinated bonds.
-
Slovenia is once again borrowing in euros to fund a buy-back of its dollar debt as it looks to cut its liabilities in the currency. This is the borrower’s sixth such transaction over the course of two years.
-
If there was any doubt that EM investors have plenty of cash to put to work, Turkey’s Coca-Cola Icecek (CCI) laid it to rest this week with a $500m deal that tightened 40bp from price talk and then rallied 20bp in the secondary market.
