CEE Bonds
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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. -
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.
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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.
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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.
