CEE Bonds
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Despite the recent rush of Russian corporate bond activity — three new issues are expected this week — the sector still has its outliers with Far Eastern Shipping Company (Fesco) receiving a downgrade from Fitch on Tuesday to restricted default after missing a coupon payment last week. -
Novolipetsk Steel’s book build was a riot on Wednesday morning as investors clamoured to get hold of paper from the first of the three Russian corporates carrying out liability management exercises this week.
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China’s curb on capital outflows means the Panda bond market is yet to live up to the excitement generated by a series of high profile transactions last year. But György Barcza, CEO of the Hungary Government Debt Management Agency, is committed to pushing out a transaction even if the ability to repatriate proceeds offshore remains uncertain. Rev Hui reports.
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Sberbank believes around $20bn of the $30bn of non-distressed Russian corporate Eurobonds maturing in 2017-2018 could be bought back or replaced with new, longer-dated bonds in the near future.
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Ukraine and the US have signed an agreement for a further $1bn of loan warranties to be used on a five year Eurobond issue.
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Central and Eastern European corporate issuers have been quietly benefitting from the game changing cash injection set to be unleashed by the European Central Bank on June 8, as ravenous yield hunters search further afield for value.
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Just a week after Russia’s contentious return to the international bond market with its first sovereign bond since September last year, three of the country’s biggest companies are set to bring new tests of bond investors’ appetite for Russia. However, rather than being encouraged by the sovereign’s return, the trio are keen to get into the market before the Federal Reserve raises rates and dollar borrowing costs increase. Virginia Furness reports.
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Political turmoil has stopped from Croatia printing its planned euro Reg S issue, having completed a two day roadshow for the deal on Tuesday.
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Investors piled over $4bn into Republic of Turkey’s latest sukuk offering on Wednesday, following a cabinet reshuffle on May 22 which the market took as a positive signal amid the increasingly authoritarian rule of president Recep Tayyip Erdogan.
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PKN Orlen printed the first non-financial corporate bond from Poland since 2014 on Wednesday and managed to mop up plenty of demand from a brand new investor base.
