CEE Bonds
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An attempted coup in Turkey last Friday threw its borrowers into a maelstrom of pulled bonds, credit rating uncertainty, and the country itself into a three month state of emergency. Unlike their loan market counterparts, bond and money market investors have been wary of calling the bottom of the resulting sell-off, but the damage is contained as EM bond inflows enjoyed another record week, writes Francesca Young. -
Kazakhstani crude oil company Tengizchevroil (TCO) pulled in pricing 50bp from initial guidance on Wednesday to print its $1bn 2026s only 10bp over the Kazakhstan sovereign, according to a bookrunner on the deal.
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MTN and CP investors have put Turkish bank deals on pause after the country's president declared a three month state of emergency on Wednesday, but the real test will come if the country is downgraded further by rating agencies, said MTN bankers.
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Turkey's president, Recep Tayyip Erdogan, declared a three month state of emergency late on Wednesday only a few hours after Standard & Poor’s smacked the country with a downgrade.
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Standard & Poor’s has downgraded Turkey’s foreign currency debt rating to BB from BB+, putting the country at the same level as Bahrain and Croatia — and two notches below South Africa.
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Macedonia returned to the bond market on Tuesday to finally print a €450m seven year bond after a challenge to the legality of the issue forced a postponement of the deal when leads opened books on July 14.
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Kazakhstani crude oil company Tengizchevroil (TCO) has released price guidance for its $1bn 10 year bond at 300bp over US Treasuries, a level that one analyst called fair.
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Moody’s has put Turkey on review for downgrade after the attempted coup in Turkey at the weekend, prompting fears that if such action is taken some investment grade bond funds will be unable to hold the country’s debt.
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Lead managers on the bond for Kazakhstani crude oil company Tengizchevroil (TCO) on Tuesday confirmed that the deal would be a $1bn 10 year note.
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Yapi Kredi has cancelled the $550m 4.5% 2023 bond it sold on July 12 rather than settle it on Tuesday as scheduled. The bank said it will return to the bond market in September at the earliest.
