CEE Bonds
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Romania was on track to printed a €1bn 12 year euro-denominated note with a 10bp new issue premium in less than ideal market conditions on Thursday. -
The European Central Bank’s corporate sector purchase programme will distort CEE corporate bond prices, said bankers this week. And while issuers have so far been slow to react in bringing new deals to market, two CEE corporates printed successful euro denominated bonds this week.
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Kazkommertsbank, the largest bank in Kazakhstan, intends to buy back up to $300m of its outstanding euro and dollar bonds via auction.
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Romania was on track to print a 12 year euro-denominated note on Thursday having launched the €1bn trade at 225bp over mid-swaps.
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Czech Railways printed its €400m seven year bond on Wednesday attracting buyers looking for a pick-up over tightly trading western European corporate debt.
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Ceské dráhy, the 100% state-owned Czech national railway operator, launched its €400m seven year bond on Wednesday after tightening price guidance twice.
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Turkiye IS Bankasi’s consent solicitation — aimed at converting its disqualified tier two bond into a Basel III compliant instrument — has angered some investors, who feel Isbank is offering too little. But the bank is right to strong-arm investors who were aware of the risks they were taking when they bought the deal.
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Hungary still plans to issue renminbi debt in Panda bond format as well as a euro-denominated note following its successful placement of a dim sum note last month, György Barcza, CEO of AKK, Hungary’s debt management office, told GlobalCapital.
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Turkiye IS Bankasi is offering investors in its disqualified tier two bond 50bp to agree to add Basel III compliant features to the documentation.
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The first publicly sold green bond from the CEEMEA region received such a strong reception this week that other borrowers may now take a closer look at the product, despite the EM pipeline for this kind of deal being bare. Francesca Young reports.
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Slovenia took advantage of low euro funding costs this week to prudently manage its debt by swapping out of dollars and into euros.
