CEE Bonds
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Russian Railways marked the end of the national holiday in its home market by emerging with pricing for a new seven year Eurorouble note on Monday. -
Yapi Kredi took advantage of pent-up demand for Turkish bank paper to hammer down pricing on the first Eurobond from the sector for more than four months this week.
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Three Central and Eastern European (CEE) issuers are lining up trades, as supply from the region begins to ramp up. Slovenia, the Slovak Republic and Polish corporate Energa SA all plan to bring euros in the near future.
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Russian Railways lived up to a reputation for aggressive pricing on Wednesday, printing a new seven year dollar benchmark comfortably inside its existing curve.
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Yapi Kredi reopened the Turkish financial bond market on Tuesday, garnering a $1.2bn book that was sticky enough to allow the issuer to tighten pricing 37.5bp — good news for the $3.7bn worth of Turkish financial senior bonds that will need refinancing this year.
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This week has seen the reopening of sovereign bonds from the Gulf region and Turkish bank debt, with Bahrain and Yapi Kredi both printing successful trades on Tuesday.
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Bond buyers showed strong appetite for Russian Railways’ new dollar benchmark on Wednesday morning despite pricing levels seen as tight by sector analysts.
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The Republic of Slovenia will issue new euro debt to finance a buyback of its existing dollar bonds in its second trade of 2017.
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Yapi ve Kredi Bankasi is the first of the Turkish banks to follow a successful sovereign tap last week, and with Turkish bank debt well bid in secondaries, it will be expecting a better result than its last senior trade.
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Last year was a record in terms of number of downgrades of emerging market sovereigns, with another four added this year — Turkey, Mozambique, El Salvador and Costa Rica. But Société Générale on Friday became the latest firm to criticise the ratings agencies for their pessimism.
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Polish energy provider Energa SA is meeting investors this week for its first Polish non-financial corporate bond since June last year, which will also be the first corporate deal from anywhere in Central and Eastern Europe this year.
