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