CEE Bonds
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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. -
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.
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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.
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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.
