CEE Bonds
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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. -
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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After a three month hiatus, an attempted coup and a sovereign downgrade, Turkish credit is back in the market with three bank trades and two mandates this week alone. But while the sovereign printed a successful $1.5bn last Friday, investor fatigue is translating into lacklustre trades, even though premiums are up.
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The supply of Russian bank paper looked set to continue as three more lenders lined up for dollar deals.
