CEE Bonds
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Czech telcoms firm Ceska Telekomunikacni Infrastruktura (CETIN) attempted to throw off any emerging markets tag it bears on Tuesday, printing a €625m trade after a long marketing period tailored to investment grade funds in western Europe, according to two bankers on the deal. -
It was all about the crossover trade this week in emerging market bonds. Borrowers located in EM countries, but appealing to buyers of western European credit and rates products have left EM funds have little to play with in the primary markets
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After several weeks of discussions with investors Ceska Telekomunikacni Infrastruktura (CETIN) finally hit the screens with a new bond on Tuesday – though it had to sweeten the deal with a coupon step-up – and had pulled in over €1.4bn of orders by mid-morning.
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After almost two years away from the market, Thomas Cook opened a three day roadshow on Tuesday for a new euro deal, which will redeem its only sterling bond and portions of its 2020 euro notes.
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Eurohold Bulgaria, the holding company for one of south-eastern Europe’s largest independent insurance groups, began meeting investors on Monday before a potential euro-denominated debut bond issue.
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Emerging markets bond bankers were keeping upbeat on Thursday about the prospects for further issuance from CEEMEA this year, despite the failure of one of the few deals in the pipeline to emerge as expected.
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Ceská telekomunikacní infrastruktura (CETIN) is planning to issue a five year bond, the second issuer to test the new period of volatility following the election of Donald Trump as US president.
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Emerging market borrowers are facing higher borrowing costs as the end of the year approaches. A slim pipeline of deals is expected despite forecasts of muted demand and outflows from the asset class.
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The Republic of Turkey plans to raise $6bn in the international markets next year using a combination of SEC registered dollar bonds, as well as other instruments, according to debt bankers.
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Electricity distributor Energo Pro Varna set a new benchmark for the Bulgarian market this week with the sale of the largest local bond from the jurisdiction.
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The European Bank for Reconstruction and Development has priced the first non-domestic Kazakh tenge inflation-linked bond, raising the equivalent of $99m on Monday.
