CEE Bonds

Norilsk Nickel had taken a book of $1.4bn for its new April 2022 and looked to be on track to print with its lowest coupon ever as it makes use of the seemingly unstoppable bid for emerging market assets.

Tinkoff Bank is targeting a return to the Eurobond market after an absence of more than four years, following a pair of rating upgrades in recent months.

EM is back to work after the long weekend with Ivory Coast naming banks for its long awaited bond, and Norilsk Nickel and Tinkoff Bank from Russia, announcing their intention to issue new debt.

Romania-focused Globalworth Real Estate Investment is due to meet investors for a potential euro denominated trade, in a period of narrow issuance windows due to a spate of public holidays.

Turkish legislation has been in place for years and six borrowers have set up covered bond programmes, but so far supply has proved fleeting. Nevertheless, delegates at the CEE Covered Bond Forum in London heard this week that the challenges that held the market back are likely to disappear soon.

Holders of International Bank of Azerbaijan’s eurobonds reacted with fury this week to restructuring proposals that offered a 20% haircut for conversion into sovereign risk.

Holders of International Bank of Azerbaijan’s Eurobonds reacted with fury this week to restructuring proposals that offered a 20% haircut for conversion into sovereign risk.

Not only is the CEEMEA bond market red hot and smashing through issuance records, there were also signs this week of its developing maturity, writes Virginia Furness.

Amended Slovakian covered bond legislation, set to come into effect in January 2018, will lay the foundation for a robust internationally focused market leading to greater volume, delegates at the CEE Covered Bond Forum in London heard this week.

Emerging Market Bond House of the Year

Vakifbank took advantage of seemingly insatiable demand for Turkish bank paper to raise $500m of five year senior funding on Tuesday.

International Bank of Azerbaijan has asked investors to agree to a restructuring of its balance sheet that will see the exchange of its outstanding bonds for new sovereign debt, and a limited amount of new IBA debt. IBA has also said that it must transfer a fourth tranche of bad assets to the Bank of Aqrarkredit to restore its viability.