CEE Bonds
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Belarus returned to the eurobond market for the first time in more than six years on Thursday, releasing initial price thoughts for a dual-tranche dollar deal. -
Isbank opened books on Thursday for the 10th deal from a Turkish financial this year, offering a higher than usual new issue premium in the process to account for softer market conditions. While the deal is expected to be well absorbed, for some on the buyside, the risks of an Isbank tier two are too much.
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Russia benefitted from a huge technical bid for its bond sale on Tuesday with demand approaching $6bn by 10am, as investors are desperate to pick up debt from the country.
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Turkey’s Isbank has hired banks to arrange an 11 year non-call six Basel III compliant tier two trade, continuing a spate of riskier debt issuance from Turkey’s banks this year.
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Russia has returned with another sole VTB led deal, its first foray into the international markets this year. Some market participants had expected US or European banks to be on the mandate, following a stronger year for Russian borrowers in the international bond markets despite sanctions still firmly in place.
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Belarus will hit the road next week for a dual tranche dollar offering, in what could be its first successful attempt to access the market since 2011. Its economy is expected to contract 0.5% in 2017.
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Yapi Kredi raised $500m with a seven year senior bond on Wednesday, bringing the total of Turkish bank issuance so far this year to $5.3bn.
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Belarus will hit the road next week for a dual tranche dollar offering, in what could be its first successful attempt to access the market since 2011. Its economy is expected to contract 0.5% in 2017.
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EM investors have had plenty to play for this week with a boost to Turkish GDP buoying support for Yapi Kredi, and more Russian supply. Qatar remains one to watch however, though the country’s fundamentals have not changed.
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Yapi Kredi hit screens on Wednesday with a new seven year note and will be hoping to capitalise on more positive economic indicators from Turkey, while offering some juice to overcome any investor fatigue around buying Turkish bank debt, according to a buy-side analyst.
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Romania-focussed Globalworth Real Estate Investments drew support from a variety of investors for its debut bond, which included a large cornerstone order from a financial institution, to price a €550m deal at 3% on Monday.
