CEE Bonds
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Portugal has retained its investment grade rating from DBRS, meaning that it remains eligible for purchase under the ECB's asset purchase programme. -
Alfa-Bank was on course to issue the first Basel III additional tier one trade from a Russian bank on Thursday. Despite wider rates market volatility, the deal’s execution was proceeding unaffected.
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Russia’s Lukoil drew peak orders of $3.6bn for its new 10 year bond, sold on Wednesday, which allowed it to push pricing to at least 13bp inside its indicative curve. Asian demand for Russia’s premier private corporate also impressed bankers, suggesting that Russia’s capital markets reintegration is wide reaching.
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Russia’s Domodedovo Airport will start meeting investors on Friday ahead of a planned five year dollar bond issue.
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Russia’s largest privately owned oil-company Lukoil opened books on its first bond in three years on Wednesday, a 10 year dollar benchmark offering around 100bp over the sovereign.
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Slovenia was able to tighten pricing for a new 24 year euro benchmark on Wednesday morning after attracting more than €2.3bn of orders.
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After a run of lacklustre Turkish bank trades, Kuveyt Turk printed on Tuesday a $500m sukuk that was nearly four times subscribed. But the success was not universal to this week's Turkish bank issuance as Sekerbank failed to haul its tier two bond over the line.
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Two more Turkish banks opened order books on dollar trades on Tuesday, following Isbank, Vakifbank and Turk Eximbank last week. Sekerbank and Kuyeyt Turk are out with a Basel III tier two and a sukuk respectively.
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JP Morgan’s head of CEEMEA credit trading has left his job, according to market sources.
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Moody’s has assigned a provisional Baa1 rating to the mortgage backed covered bonds of Yapi ve Kredi Bankasi and the issuer has published its base prospectus, suggesting it could soon be ready to issue.
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