CEE Bonds
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Georgian holding company BGEO Group bought back some $300m of its outstanding bonds on Wednesday. The buy-back came as part of a combined tender and new issue, which was anchored by the International Finance Corporation.
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HSBC has let go of a DCM banker who had spent over a decade with the bank, according to market sources. -
Euroclear started servicing the Russian sovereign’s $1.75bn 2026 bond on Thursday, prompting a 30bp yield rally in the bonds and opening further discussion as to when the sovereign may return for more funding in the international markets.
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Far Eastern Shipping Company (Fesco) is looking to impose a near 40% haircut on holders of its local and international bonds.
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State-owned Bulgarian Energy Holding benefited from a clear run at the CEEMEA primary market this week to print its €550m bond at 375bp over the sovereign curve, according to lead managers.
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Yapi Kredi chose to cancel a deal before settlement last week, following the attempt coup in Turkey, and a four point drop in the bond's price. The decision was wise and investor friendly, but it's not a new precedent in emerging markets.
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State-owned Bulgarian Energy Holding offered a handsome pick-up over Bulgaria’s sovereign curve at final guidance stage on Tuesday.
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Russia’s Far Eastern Shipping Company (Fesco) requires extra time before the release of its preliminary restructuring proposal to bondholders, it said on Monday.
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The surging rally in credit markets since the start of the month hit an impasse this week, as trader caution set in ahead of key policy decisions by the Bank of Japan on Friday and the Bank of England next week.
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Turkish issuers have $2.5bn of public international bonds scheduled to mature before the end of this year but will have a tough time accessing bond markets aft the attempted coup of two weeks ago. But an EM syndicate banker said that most of those maturing bonds have already been refinanced.
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Bulgarian Energy Holdings (BEH) opted on Monday for a five year for its first Eurobond in three years. The deal could come as early as Tuesday, according to a lead manager.
