CEE Bonds
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Russian Railways will meet investors in London next week ahead of a potential return to both the dollar and Eurorouble bond markets. -
The Russian bond market revival continued this week as Alfa-Bank issued a rare eurorouble note and Severstal announced plans for a global roadshow.
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Equity-linked bond issuance, lagging behind demand in Europe, showed a burst of vigour on Thursday with the launch of three deals, including substantial convertibles for Vinci and Severstal that were both eagerly received.
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Latvia became the first Baltic state to issue a 30 year bond as part of a €650m dual tranche transaction this week.
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Severstal looks set to add to the growing surge of Russian supply with its plans, set out on Thursday, to meet investors ahead of a potential dollar bond.
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Alfa-Bank offered up a rare rouble-denominated Eurobond on Thursday. Making it rarer still was that the issuer is not a state-owned entity and bankers said its progress would be a strong barometer for other privately owned borrowers who may wish to use the product.
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Russian aluminium producer Rusal has registered a prospectus on the Shanghai Stock Exchange for a Rmb10bn ($1.5bn) seven year Panda bond programme, the company said on Wednesday.
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Emerging market bankers are busy on the road as mandates start to ramp up but this week all eyes will be on Nigeria, which wraps up investor meetings on Wednesday.
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Two Russian corporate deals in as many weeks have been stuffed down investors’ throats. Both were deemed tight, but Rusal, the first, sold off and is yet to recover to par. Russian issuers are famously price-driven, and the deals prompted complaints — but market dynamics mean that tight pricing is here to stay.
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Albaraka Turk received a boost to its capital after investors voted to update its old-style tier two sukuk as Fitch junked 18 Turkish banks on Friday.
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Russia’s largest privately owned bank has mandated banks for a rouble Eurobond of up to five years.
