CEE Bonds
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Credit Bank of Moscow has named leads for a rare Russian Basel III-compliant tier two bond, its first capital issue. -
Russia's Eurobonds were given a further boost on Friday as S&P upgraded the outlook the country's BB+ rating to positive from stable on Friday.
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Russia ramped up its renminbi efforts this week with Rusal pricing the first Panda bond from the country. The deal closed on the same day the Central Bank of Russia revealed plans to open a renminbi clearing house ahead of a sovereign bond.
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Russian corporates continued to prove popular with dollar bond buyers this week as Gazprom returned to the currency after an absence of more than three years and Evraz saw good demand for both legs of its latest liability management exercise.
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Poland played a smart hand on Thursday to lock in €1.5bn of funding in the midst of a healthy risk-on market, but with risk events on the horizon, Poland’s deputy finance minister told GlobalCapital he was happy to be on the “safe side”.
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Poland was quick to grab on to the relief rally that followed Wednesday's US Federal Reserve meeting, jumping into the market with a long 10 year and a tap of its existing €1.5bn 2036s on Thursday morning.
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Gazprom became only the second Russia corporate to target the 10 year maturity in dollars since 2013 on Thursday, emerging with initial price thoughts for a new 144A/Reg S benchmark.
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Turkiye Sinai Kalkinma Bankasi (TSKB) has announced plans to roadshow an inaugural Basel III compliant tier two dollar deal, a week after Akbank’s successful debut in the format.
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ABH Financial, the holding company of Russia’s Alfa-Bank, will meet investors in Europe next week for a rare Russian financial euro-denominated bond.
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Evraz saw a strong response to both the new issue and buyback legs of its latest liability management exercise, allowing the Russian steelmaker to print a $750m six year tight to its existing curve on Monday.
