CEE Bonds
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Gazprom has mandated Deutsche Bank, Gazprombank, UBS and VTB Capital to act as joint lead managers for a Swiss franc bond set to come to market later this month. -
Ceská telekomunikacní infrastruktura (CETIN) added to the trickle of EM bonds expected before year end on Monday and met investors this week for a euro denominated bond. The BBB rated issuer is hoping to benefit from demand from both EM and high grade corporate accounts.
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Yields on Europe's peripheral government debt rose only a few basis points over Bunds on Wednesday’s news that Donald Trump had won the US presidential election race.
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The EM primary bond market took just one day to digest Donald Trump’s unexpected ascent to the US presidency before new issuance resumed with a Gazprom bond. But uncertainty about what Trump will actually do could lead to volatile markets, increasing the cost of any issuance.
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The EM primary bond market took just one day to digest Donald Trump’s unexpected ascent to the US presidency before new issuance resumed with a Gazprom bond. That was far quicker than the seven days it took the market to reopen after the Brexit vote on June 23.
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Remarkable resilience in the face of an uncertain future was the tale of emerging market bond prices on Wednesday as Donald Trump won the presidential election in the US, much to the surprise of EM traders themselves, who expected the risk aversion to last much longer. But the outlook for EM bonds under a Trump presidency is far from rosy. Latin America has been the clear underperformer so far but more pain is expected.
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Investor support for Turkey has proved remarkably resilient this year. A coup attempt and ensuing state of emergency, and two downgrades to junk, did little to shake support, but Turkey’s luck is running out as the attention turns to deteriorating economic indicators from the region.
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Turkish bonds sold off some 30bp on Friday after President Recep Erdogan’s crackdown on the country’s pro-Kurdish opposition escalated with two high profile arrests. The widening is likely to halt Turkish bond issuance for this year, according to an EM DCM banker focused on the region.
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Citi has promoted its Turkey CEO into a broader role of EMEA head of non-presence countries.
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Renaissance Capital has hired a new head of international equity capital markets, and its US subsidiary RenCap Securities has added two senior bankers to its fixed income, currencies and commodities team.
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Leveraged buyout activity in Central and Eastern Europe is gaining momentum, driven by a few jumbo deals pushing for terms and pricing more commonly seen in Western European markets. For some local banks, the conditions are too tough to compete.
