CEE Bonds
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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. -
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.
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Russian gold producer Polyus Gold earned praise from its lead managers for not over-tightening pricing on a new bond on Tuesday after the poor performance of an aggressive deal from compatriot Rusal last week.
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Even with much of Asia inactive due to the Chinese New Year holiday, emerging market bonds seemed a more nervous market this week with only one issuer braving a deal.
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Polyus Gold, Russia's largest gold producer, showed little regard for leaving something on the table for investors on Wednesday as it screwed pricing in for its new six year note. But investors will support the trade regardless, said emerging markets bankers.
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Turkey found itself firmly in junk territory on Friday after it lost its last investment grade rating from Fitch, but the issuer’s CDS has tightened in response and as Turkey’s blowout trade on January 18 attests, it always has the capability to fund.
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