CEE Bonds
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Norilsk Nickel printed a new six year bond 15bp inside its curve on Wednesday, but the volume of orders that dropped from the order book from the order book suggested that not all were happy with the pricing. -
Even as South Africa and Halkbank prove that idiosyncratic risks are ever present in in emerging market bonds, conditions remain beyond syndicate bankers wildest dreams. That is good news for the bulging pipeline.
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Russian borrowers are wasting no time in dealing with the $7.29bn of corporate bonds about to come due. After a record $2.8bn poured into the asset class last week, it is easy to see why borrowers view this as the time to tap the market.
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KazMunayGas is preparing to bring the first deal from the Caucus region this year and will be hoping the red hot market stays warm enough to drive its funding costs down.
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Sovcomflot reopened its 2023 bond on Monday as Norilsk Nickel looks to extend its dollar curve by a year.
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Shares in Mol, the Hungarian oil and gas company, fell 3.4% early on Thursday morning but recovered to close flat, after Čez Group, the Czech electricity company, sold its whole 7.5% stake in Mol through an accelerated bookbuild, while buying back bonds it had issued that were exchangeable into Mol shares.
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Croatian retailer Agrokor’s debt hit distressed territory this week after rumours of hidden debt and a Moody’s downgrade spooked the buy-side. Clarity is unlikely until a forensic audit of the issuer is completed, say experts.
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Turkey’s six year sovereign sukuk was priced flat to its conventional curve for the first time following the asset class’s inclusion in the JP Morgan indices, even as the country’s president Recep Tayyip Erdoğan’s bid to consolidate power is an increasingly dominant talking point.
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Halkbank has hit back against claims of any wrongdoing following the arrest of its deputy CEO Mehmet Hakan Atilla, while on an investor roadshow on Monday. The bank denies any involvement in breach of US sanctions but its planned tier two bond remains on hold as the market awaits further clarity, writes Virginia Furness.
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Turkey’s six year sovereign sukuk is expected to be priced flat, or even inside, its conventional curve for the first time following the asset class's inclusion in the JP Morgan indices, even as the country's president Recep Tayyip Erdoğan’s bid to consolidate power grabs the headlines.
