CEE Bonds
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Garanti Bank on Tuesday raised $750m with the tightest priced Turkish tier two on record which was testament to the level of comfort investors now have with the product, according to bankers leading the transaction who conceded that the global credit rally had also helped. -
Emerging markets bond bankers can think of nothing to derail the ongoing bull-run and while this might point to hubris, this week’s trades have given no indication of fatigue.
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Orders of over $2.2bn had enabled Turkey’s Garanti bank to crush the yield on its debut tier two as it looks on course to print with the lowest ever coupon for a new style Turkish tier two bond.
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Turkey’s Garanti Bank is expected to capitalise on the strong rally in emerging market credit to print its debut Basel III-compliant tier two capital bond this week, and bankers are wondering how much of the recent market tightening will be seen in the price.
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Turkey’s QNB Finansbank set final terms on a $750m five year bond on Thursday, leaning on the ownership of Aa3/A+/AA- rated Qatar National Bank to print inside where analysts saw fair value — despite some investors objecting.
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Turkey’s QNB Finansbank has released initial price thoughts for a five year dollar trade, as investors grappled with how to price in Aa3-rated Qatar National Bank's ownership of the Turkish borrower.
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Crisis-hit Croatian conglomerate Agrokor will not go bust, the country’s central bank governor insisted in an interview with GlobalMarkets as he said the debacle highlighted the risks of firms building up bad balance sheets.
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Turkey's QNB Finansbank hit the road for a one day marketing exercise on Wednesday to sell a new senior dollar benchmark sized bond, for which leads are likely to open books on Thursday.
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The emerging market bond pipeline remained strong this week with Turkish lender Finansbank the latest CEEMEA name to join the fray, after the borrower announced a one day roadshow for Wednesday. Meanwhile, Latin American borrowers are beginning to encounter some investor push-back.
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Legislators in the Czech Republic and Austria are in the process of updating their covered bond laws and Lithuania has set out its intention to introduce a framework.
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The Republic of Turkey has launched its largest 30 year bond since 2010, as investors shrugged off the recent constitutional referendum and dived in to catch the sharp rally in the country's spreads.
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