CEE Bonds
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Russia’s state owned GTLK is holding investor update meetings on November 27, with the transport leasing company picking three banks to arrange the event. -
Kazakhstan Temir Zholy (KTZ) kicked off this week’s new issues with a 10 year note on Monday as investors begin to dial back risk appetite in order to protect returns as the year end approaches.
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The Republic of Lithuania on Tuesday drew a combined €1.27bn book for its taps as investors rushed to take a piece of what could be the Baltic country's last international bond for more than a year.
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A chequered history of debt restructurings and shareholder rebellions meant that a bond for B- rated Petropavlovsk was always going to be a tough sell. But a chunky 8.125% yield helped the gold mining company scrape together $500m to pay back more expensive bank loans, according to lead managers, despite the year end fast approaching.
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The Republic of Croatia is embarking on a roadshow to market its longest euro denominated Reg S bond.
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A chequered history of debt restructurings and shareholder rebellions meant that B- rated Petropavlovsk was always going to be a tough sell. But a chunky 8.125% yield helped the issuer scrape together $500m to pay back more expensive bank loans, according to lead managers, despite the year end fast approaching.
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Despite returning to profit in 2016, Petropavlovsk looked to be finding it difficult to shake off past concerns about its ability to refinance debt, as well as a shareholder rebellion in June that led to the ousting of founder Peter Hambro. The issuer opened books on a five year note at low 8% on Tuesday.
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Russian goldminer and debut bond issuer Petropavlovsk is expected to bring a new five year note with a yield in the region of high 5% on Tuesday. Bankers will be watching with interest to see how the equal lowest rated non-financial Russian debut corporate issuer fares.
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Books for Credit Europe Bank’s $150m tier two bond were at $375m on Thursday afternoon as the bank set the launch price for the deal at 7.25% yield.
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Books for Credit Europe Bank’s $150m tier two bond are at $375m as the bank sets the launch price for the deal at 7.25% yield.
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The Slovakian government has approved an updated version of its covered bond law but while this is likely to improve on the existing framework further work may be needed.
