CEE Bonds

UniCredit used similar tactics on its accelerated bookbuild sale of 10% of Bank Pekao on Tuesday night to those it had used for Monday’s sale of FinecoBank — and achieved a similar result: multiple times oversubscription, led by one very large anchor order.

Competition is becoming much fiercer in the Turkish banking sector. After years of rampant loan growth in many markets, banks will have to fight much harder to find new customers and bigger margins in the future.

Bank of Georgia is targeting a seven year bond, with the roadshow for the deal finishing on Wednesday.

Russia's State Transport Leasing Company (STLC) printed the first new Russian quasi-sovereign paper for six years on Tuesday, taking advantage of the recent rally in Russia debt to draw a $2.5bn book for a $500m five year deal.

A last minute order saw Yapi Kredi Bankasi relaunch a new senior deal at an increased size on Tuesday. The Turkish bank offered a 10bp new issue premium, according to lead bankers.

A day after selling 10% of its Italian online retail investment service Fineco Bank for €328m, UniCredit has this evening launched an accelerated bookbuild of 10% of Bank Pekao, the Polish bank of which it owns 50.3%.

Russia's State Transport Leasing Company (GTLK) has set final pricing for its debut $500m five year bond at 5.95% area, having released guidance at 6.25% area earlier on Tuesday morning in London.

Yapi Kredi Bankasi opened books on a seven year note on Tuesday morning, offering a 20bp premium at initial price thoughts.

Kazakhstani crude oil company Tengizchevroil (TCO) has picked a raft of banks to manage a debt sale that will help to finance a $36.8bn expansion project.

With the Republic of Macedonia on the road for the first euro-denominated bond from an emerging market issuer since Brexit and EM credit continuing to rally, bankers are expecting a strong few weeks pre-summer.

Bulgarian Energy Holding is planning a Eurobond and the note has been assigned an expected rating of BB- by Fitch.

Aside from an oil related blip over the last 24 hours, emerging market bonds have continued their strong post-Brexit run this week though borrowers are taking a wait-and-see approach.