CEE Bonds

Kazakhstan’s independent oil and gas company Nostrum navigated a tricky price discovery process to print five year bonds at 8% on Monday after what has been a difficult few months for the company.

Books were over €1.6bn for PKO Bank’s for year senior note on Tuesday. The deal is the first senior trade from the issuer since 2014.

British Columbia has hired Bank of China (BOC) for its second Panda deal, GlobalRMB has learned. Meanwhile, Hungary has chosen BOC and HSBC for a long-awaited Panda debut with a prospectus expected on Friday.

Turkey’s Odeabank will meet investors from Wednesday ahead of a possible sale of tier two notes. If the deal goes ahead, it would be the second such deal from a second tier Turkish bank this year, after Fibabanka's debut in May.

Poland’s PKO Bank has named leads for its first senior unsecured trade since 2014 after having focussed its funding efforts on the covered bond market for the last few years.

Nostrum Oil & Gas hit the screens on Monday with a five year non-call two dollar note having completed its roadshow last week. But though the 8% handle on price guidance hascaught the attention of rival bankers.

‘Business as usual’ was the tone this week in emerging markets, after last week’s losses were reversed and mandates began trickling through from across CEEMEA.

Gazprom printed a further Swiss franc bonds on Thursday. The deal was less reliant on Russian lenders to reach the Sfr500m ($517.9m) capped size than its previous two Swiss bonds, as Gazprom has developed a strong reputation among Swiss, and wider European, retail lenders.

The Polish subsidiary of Commerzbank, mBank, has published the base prospectus for its €3bn covered bond programme, suggesting it could be ready to start a marketing drive leading to its first euro-denominated publicly syndicated deal.

KazmunayGas has failed to persuade its investors to remove covenants from its debt, with buyside analysts blaming the small fee offered and the lack of a coherent strategy.

GetBack, the Polish debt collection company, plans to follow up its Warsaw IPO with a euro denominated senior bond.

With a dearth of emerging market bond supply defining the start of the week, it was left to high yield issuers to provide something for EM investors to get their teeth into as United Group, a cable operator in Eastern Europe, became one of five HY mandate announcements announcements on Monday.