CEE Bonds
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Two Russian issuers have hit the screens this morning with deals in the belly of the curve. Mettaloinvest is out with guidance for a seven year note, while United Company Rusal (Rusal) is expected to bring a deal on Tuesday. -
Turkey’s debt markets always seem resilient to political shocks. But rose tinted views of president Recep Erdogan’s referendum victory this week ignore a worrying truth that its vast growth potential lies more than ever in the hands of one man able to squander it.
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Turkey’s Isbank cut through post-referendum uncertainties to raise up to $750m with a seven year senior note on Thursday.
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Jefferies is building out its CEEMEA trading operations, and eventually plans to add primary markets, derivatives and local currency trading to a revitalised business.
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Ukrainian poultry producer MHP is lining up the second corporate bond of the year from the country, following a deal from Kernel in January.
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Credit Bank of Moscow is going further down the capital structure with its second subordinated trade of the year, and will meet investors for what will be only the second additional tier one trade from Russia.
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Political power plays in Turkey and the UK have done little to derail EM bond markets this week, but the pipeline is thinner than before Easter, and limited to Russian borrowers.
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Turkish bond prices were unmoved after the country's president, Recep Erdogan, scraped a narrow victory in Sunday’s constitutional referendum.
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Russian fertiliser producer Phosagro will meet investors from Thursday for its first Eurobond since 2013.
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Poland’s largest covered bond issuer and national champion, PKO Bank Hipoteczny, has mandated leads to roadshow a prospective zloty-denominated covered bond benchmark.
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Risk appetite propelled CEEMEA into a bullish second quarter with nearly $16bn of bonds printed in Easter week. Saudi Arabia led the charge with a $9bn sukuk, but demand for duration played into the hands of KazMunayGas which raised $1.25bn of 30 year debt.
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Two large emerging market corporates were out with multi-tranche deals on Tuesday, Kazakhstan’s state owned oil company and Abu Dhabi sovereign investment fund Mubadala.
