CEE Bonds
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The one and only euro benchmark Turkish covered bond issued by Vakifbank widened slightly on Monday following the attempted coup over the weekend.
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Turkish Sekerbank has postponed the roadshow for its tier two bond as Turkish bonds opened Monday around 15bp-20bp wider after the failed coup over the weekend. -
Balkan telecoms provider United Group on Tuesday sold a €150m tap to fund the purchase of smaller peer companies in the former Yugoslavia.
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The Republic of Macedonia delayed its Eurobond sale on Thursday after a political opponent to the government challenged the legality of the issue.
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State-owned Bulgarian Energy Holding will meet investors next week for its first Eurobond for three years. BEH has mandated JP Morgan and Banca Imi to arrange the meetings, which run from July 18-22.
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Two block trades by UniCredit this week, totalling €1.08bn, offered further confirmation that the equity capital market is functioning well, and that there is ample demand for good European stocks, including from US long-only investors.
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UniCredit’s new CEO, Jean-Pierre Mustier, has sent strong signals to the market this week that he will be determined about reshaping the bank, which by last week had lost 75% of its market value in the past year.
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Croatia’s Zagrebački Holding completed a buy-back of nearly half of its outstanding Eurobonds on Thursday.
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Macedonia was on track to price the first euro-denominated bond from CEEMEA since the UK referendum on June 23 on Thursday morning.
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Turkey's Sekerbank has mandated six banks for a Reg S only subordinated tier two Basel III compliant bond.
