CEE Bonds
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Russian commercial real estate investment company O1 Properties is targeting a five year bond following the completion of an investor roadshow on Friday, a banker at one of its leads said on Monday. -
Global Ports reopened the market for Russian issuers on Thursday with a seven year dollar deal that drew both plaudits and criticism from rival bankers.
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Telenor sold $1.5bn of shares in VimpelCom, the Russian telecoms company, this week, in a combined equity placing and exchangeable bond that were well received, despite the Uzbek bribery scandal that engulfed both companies last year.
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The IMF’s approval of a long-awaited disbursement of funds to Ukraine could help set the stage for an unguaranteed sovereign bond issue, local bankers said on Thursday.
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Global Ports became the first issuer to test demand for Russian assets for more than two months on Thursday with the release of pricing for a new seven year dollar deal.
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Poland’s mBank will hit the road next week for its first euro senior deal since November 2014. The bank did plan a roadshow for a euro bond in 2015 but decided not to go ahead with the meetings as the issuer did not like the levels available, according to an EM banker.
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A strong pipeline is building in CEEMEA but after last week’s mini-tantrum, EM bankers are dealing with a shift in investor attitudes which will likely impact pricing as investors demand juicier levels from upcoming issuers.
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Global Ports added on Tuesday a seven year bond to the pipeline of Russian borrowers set to bring deals this month, which already includes private bank Otkritie and commercial real estate company O1 Properties.
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Emerging market economic growth managed to hang on to much of its momentum over August, according to the latest release of the IHS Markit Emerging Market Composite PMI index.
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Institutional investors turned out in force for Slovenia’s euro market return on Wednesday, allowing the sovereign to tighten pricing by more than 10bp.
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Big bids from across Europe allowed Slovenia to tighten pricing by more than 10bp on its euro market return on Wednesday.
