CEE Bonds
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Green bonds have been a hot topic for several years now, but sovereign issuers have been slow to step up to the plate. Until now. Poland is on the road for a euro-denominated green bond and is meeting investors in London this week.
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The first ever sovereign green bond looks set to be issued by Poland — a coal-reliant nation that was once one of the most outspoken opponents of the UN’s Paris Agreement. Despite incredulity from green finance experts, the deal is an important step for green financing. It raises the environmental agenda within Poland, and offers a firmer commitment to green financing than displayed by any other sovereign so far.
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The tortuous saga of Rosneft’s privatisation took another turn on Monday when the Russian oil giant placed a Rb600bn ($9.4bn) bond in the local market. -
Poland is marketing what will be the first ever sovereign green bond. Climate finance experts are hopeful that the deal marks a major shift in Polish policy to a greener future after the government initially resisted ratifying the UN’s Paris Agreement.
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Standard & Poor’s has surprised to the upside, revising Poland’s outlook to stable from negative while maintaining South Africa’s investment grade status last Friday. The latter decision prompted a 15bp-20bp rally in both South African sovereign and corporate debt.
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Russian gas processing and petrochemicals company Sibur is offering to buy back for cash some of its dollar bonds maturing January 2018, the company announced on Thursday.
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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.
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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.
