CEE Bonds
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PKO Bank Hipoteczny has mandated leads to go on a roadshow with the first euro benchmark covered bond from Poland.
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Romania achieved a wafer-thin new issue premium for a €1bn reopening of its May 2028s on Wednesday, setting a good precedent in euros for Latvia which mandated for a 10 year deal on Thursday. -
Romania achieved a wafer-thin new issue premium for a €1bn reopening of its May 2028s on Wednesday.
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The Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg has approved the covered bond prospectus of PKO Bank Hipoteczny and the issuer has mandated leads for a roadshow.
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Romania returned to the euro market with a reopening of its May 2028s on Wednesday morning.
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Turmoil in Turkish bond markets put a dampener on Monday’s open after Moody’s junked the sovereign's credit rating. But with activity in the Middle East and, after a two year absence, Nigeria, the stage is set for a busy few weeks in EM.
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Vakifbank’s €500m five year covered bond has rallied after Moody’s cut its rating and those of five other Turkish covered bond issuers. The move implies that the rating downgrade has not delivered a fatal blow to prospective Turkish supply.
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Russia’s EuroChem is the latest issuer from the country to conduct a liability management exercise and is planning to refinance a buy-back of its $750m 2017s with a new dollar bond.
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Moody’s cut Turkey’s investment grade rating to junk on Friday, as anticipated, but comments the agency made last week caught investors off guard. However, despite the initial sovereign sell-off, a rally has begun.
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With a $7.5bn book and a deal sold wholly to international investors, Russia returned to the capital markets in style on Thursday, shrugging off the ghosts of failure that blighted its return in May.
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With clearing concerns behind it, Russia’s $1.25bn tap of its 2026s bonds was met with massive demand on Thursday — the book was reported to be over $6bn — but some say a moral dilemma remains.
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