CEE 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. -
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.
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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.
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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.
