CEE Bonds
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Severstal, the steelmaker, reopened the Russian convertible bond market on Tuesday, with what bankers on the deal said was the first issue since 2013. -
Vakifbank’s debt euro Turkish covered bond is good for investors, good for emerging markets borrowers and good for the global economy. But the deal would probably never of happened without the intervention of the European Central Bank.
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Books for Turkiye Cumhuriyeti Ziraat Bankasi’s $500m bond closed with books over $2bn on Monday and the bank paying only a 10bp new issue premium for the note, according to a lead manager.
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Türkiye Vakiflar Bankasi (Vakifbank) brought a load of new faces to its investor base when it issued Turkey’s first publicly syndicated euro benchmark covered bond — at an extremely low cost of funding.
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Books for Turkiye Cumhuriyeti Ziraat Bankasi were at $1bn before the US open on Monday for a five year senior unsecured bond.
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Despite Argentina soaking up $16.5bn of demand, other emerging market issuers also recorded high levels of oversubscription this week, suggesting EM is awash with cash and ideal conditions for the healthy pipeline of issuers due next week.
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Hungarian oil and gas company MOL Group rode the coattails of investor demand for European high yield corporates on Thursday to print a €750m seven year below 3%.
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Turkiye Vakiflar Bankasi (Vakifbank) will open books next week on its inaugural covered bond, according to a official at the bank.
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Books reached $8bn for VimpelCom’s holdco note on Wednesday, with the level of support for the deal impressing the lead managers.
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State-owned Georgian Oil & Gas Company crunched pricing from guidance on Tuesday to print a $250m five year bond with a 7% yield.
