CEE Bonds
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Stellar funding conditions in emerging markets enabled Romania to print 10 and 18 year debt at record low yields on Monday. -
Romania was offering a 20bp new issue premium for both a new 10 year euro bond and a re-opening of its existing 2035s on Monday morning, according to a lead banker.
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Representatives from Russia’s Ministry of Finance met with several investment banks in London last week, as the sovereign sought to persuade them to work on its next bond deal.
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After a successful sale of €250m of seven year covered bonds in January, the Republic of Slovakia’s largest issuer, VUB, is now preparing for a 10 year sale, where it expects to issue €250m covered bonds in an auction on April 20.
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Croatia’s parliament passed an emergency law on Thursday to deal with the default crisis at Agrokor, the sprawling food and agriculture group that is the country's largest private company.
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Russian borrowers are wasting no time in dealing with $7.3bn of their corporate bonds about to come due.
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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.
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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.
