CEE Bonds
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CEE borrowers were upbeat at Euromoney’s Central and Eastern European Forum 2017 in Vienna this week, with several sovereigns revealing funding plans for the year. -
The European Bank for Reconstruction and Development has invested in its first Slovak covered bond and is working with local regulators to update the local covered bond law.
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Typically an early mover in the race to fund, Turkey raised $2bn on Wednesday with an SEC-registered note maturing March 2027, a third of the total $6bn it plans to raise this year. But the sovereign has plenty of hurdles ahead, writes Virginia Furness.
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Russian corporate bond issuance for 2017 looks set to begin with Rusal, the world’s second largest commodity producer, which has gone through multiple debt restructurings.
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Kernel Holding has hired two international banks to work on a bond offering, the first corporate new issue from Ukraine since 2013.
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The Republic of Turkey has surprised market participants by opening books on a 10 year dollar benchmark — but the 40bp-45bp new issue premium at the starting point hints at the elevated price investors will be demanding for Turkish risk.
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Slovenia reopened the bond market for central and eastern European issuers in style on Tuesday with a well received dual tranche euro deal.
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DCM bankers will be hoping that central and eastern European issuers gathered in Vienna this week will have taken Slovenia’s Eurobond success as a sign that for CEE borrowers, the funding market is well and truly open once more.
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Slovenia is on track to become the first central and eastern European sovereign to tap the bond markets this year after announcing price for a dual tranche euro deal on Tuesday morning.
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The Republic of Poland is looking to become the first repeat sovereign issuer of Panda bonds as it seeks to raise Rmb3bn ($435m) this year.
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Türkiye Vakıflar Bankası (Vakibank) is asking investors exchange its old style tier two bonds for new Basel III compliant notes, making it the second Turkish bank in as many weeks to turn to liability management to boost its capital.
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Loan bankers’ enthusiasm to undertake more Russian business this year looks set to translate into deals soon, with Russian Railways in talks about a new money club loan.
