CEE Bonds

Slovenia intends to buy back up to $1bn of dollar denominated debt following the successful placement of a new euro bond, the country's debt office said on Tuesday.

Just over a month has passed since the attempted coup in Turkey. With a backlog of issuance from the country sitting in the pipeline, GlobalCapital discussed the investment case with four London-based fund managers.

Borrowing conditions for Russian issuers are the best they have been since 2013 and, as changes to onshore funding conditions push more borrowers offshore, several corporates as well as the sovereign are expected to raise international money ahead of US elections in November, according to DCM heads at VTB and Sberbank.

Borrowing conditions for Russian issuers are the best they have been since 2013 and as changes to onshore funding conditions push more borrowers offshore, several corporates as well as the sovereign are expected to raise international money ahead of the US elections in November, according to DCM heads at VTB and Sberbank.

The Ministry of Finance of the Republic of Poland has mandated Bank of China and HSBC as joint lead underwriters to work on the sovereign’s upcoming Panda bond.

Last Friday, Turkey managed to cling on to its investment grade status after Moody’s left its credit rating on hold. But with selling pushing the sovereign wider than several countries with lower ratings, bankers and investors are questioning where the money has been moved to.

CEEMEA primary markets have finally become a victim of the summer heat but there’s no snoozing on the beach for syndicate bankers. Planning for the second half of the year has already started in earnest.

A third Turkish bank has returned to the MTN market, joining Vakifbank and Yapi Kredi with a short dated private placement as prices approach the levels they held before the failed military coup on July 15.

Standard & Poor’s upgraded Novolipetsk Steel (NLMK) and Severstal to one notch above the Russian sovereign rating at the end of last week, prompting a rally in their bonds as investment grade funds became able to buy the notes.

Turkey on Friday managed to cling on to its investment grade status after Moody’s left its credit rating on hold.

A pair of Turkish banks has returned to the MTN market after a 100bp rally in their secondary levels, marking the first bonds since the failed military coup in Turkey on July 15 and bringing hope that by September, public syndicated bonds may be back on the table.

Mizuho International has hired a banker from Standard Chartered to help build its nascent FIG business in Europe.