CEE Bonds
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Russian Railways (RZD) is weighing up the first rouble Eurobond for several years as low global yields boost support for rouble denominated debt. -
A surprise upgrade from Standard & Poor’s has prompted Hungary’s international debt to rally 30bp and take its credit default swap surging inside that of Italy, the most traded sovereign CDS reference entity.
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Semperit, a rubber and plastic goods manufacturer, has come to the Schuldschein market with a uniquely diverse deal; as an Austrian firm issuing to a largely German market, in Polish and US currencies.
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mBank priced a new four year euro denominated bond through its existing curve on Wednesday as investors shrugged off concerns over Polish bank risk.
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Russia wasted no time reopening its 2026s after the US Federal Reserve left rates unchanged on Wednesday. Now Euroclearable, the tap is expected to achieve plenty of demand from investors who didn’t play the first time round, but some say a moral dilemma remains.
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O1 Properties printed the first syndicated international deal from the Russian property sector on Tuesday. While lead bankers acknowledged it was not an easy deal, the issuer was able to increase it from the planned $300m to $350m.
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Poland’s mBank saw strong demand for a new euro-denominated four year senior unsecured benchmark after initial price thoughts were released early Wednesday.
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Russian Railways is to issue a Eurobond in roubles — the first time in over a year that an offshore rouble bond has been issued by a corporate borrower. The proceeds of the deal will be used to buy back outstanding dollar and Swiss franc bonds.
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Debut issuer O1 Properties opened books on its five year dollar note on Tuesday with a yield of 8.5% area.
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Otkritie has postponed its planned bond after failing to reach a pricing agreement with investors. The price sensitive issuer is continuing to monitor the market, bankers said on Tuesday.
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A surprise upgrade from S&P saw Hungary’s external debt rally 30bp over the weekend and, with the country set to enter crossover indices as an investment grade credit, further flows from passive investors are expected.
