CEE Bonds
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Money managers say that blended products are the most efficient way to invest in emerging markets as cross-asset class total return funds trump those with a sole focus. -
Turk Eximbank issued the first bond from a Turkish bank since June on Monday, in a deal with a slim new issue premium that set a strong tone for future issuance as books hit $2.1bn.
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Coca-Cola Icecek is refreshing the buyside with the first Turkish corporate trade for 18 months. However, while the deal was “flying out of the door” according to one syndicate banker, the 25bp-30bp pick up over the Turkish sovereign is not quite enough to quench the thirst of some.
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The goal of making the RMB a global commodities currency is not a job for those looking for quick successes. But recent moves from Russia and the Middle East have laid further bricks on the road to glory for China.
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US chicken processor Pilgrim’s Pride Corp plans to fund its £1bn buyout of UK peer Moy Park with cash in hand, an extension of its term loans, and a new debt issue to repay a JBS subordinated note.
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KazTransGas, the largest gas supply company in Kazakhstan, has picked banks for a debut 10 year dollar benchmark after Standard & Poor’s revised the country’s outlook to stable on Friday.
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Turk Eximbank has opened books on a new five year senior note with price talk at a wider level than its seven year bond, leading one buy-side analyst to remark that initial price thoughts in EM are “irrelevant.”
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Russian Railways will meet investors on Wednesday to discuss its first Swiss franc bond in five years.
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Turkey ignored softness in the market to double the size of its 30 year dollar bonds on Wednesday, after reopening its May 2047s for a further $1.75bn.
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Russia’s Far-Eastern Shipping Company (Fesco) has reached a milestone in its dollar bond restructuring saga, after almost half of the holders of its bonds agreed to some key terms.
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US prosecutors have widened the net in their case against Turkey’s Halkbank after bringing new charges against the country’s former economy minister and the bank's former general manager for breaking Iranian sanctions, sending Halkbank assets lower but not hitting the rest of the country’s banking sector.
