CEE Bonds

Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, has mandated three banks for its debut euro bond — a deal that has been expected since 2014.

VimpelCom was on track to print a dual tranche structurally subordinated note on Wednesday with books over $4bn.

State owned Georgian Oil & Gas Corporation has released initial price thoughts for its dollar bond, which a lead manager estimated offered around a 50bp new issue premium.

Georgian Oil & Gas Corporation has moved a step closer to issuing its first bond since 2012, setting the tenor at five years.

Though Russian president Vladimir Putin said on Thursday that he does not see Western sanctions being lifted in the near future, strength in the country's debt and the emerging markets more broadly still prompted two Russian bonds from non-sanctioned issuers to be printed this week and a third to announce a roadshow.

Republic of Poland laid its euro ghosts to rest on Wednesday with a €750m tap of its January 2036 bonds on what bankers called the best day for emerging market bonds so far this year.

Alternatifbank’s new tier two note rallied a further 100bp this week after an execution strategy which saw the leads revise pricing by 100bp, seeming to vindicate criticism from rival bankers for starting pricing too wide.

Hungary landed a double milestone on Thursday as its first international bond in four years became the first dim sum bond since November 2015. And while the pricing of the deal has drawn criticism, it proved that RMB is a viable option for CEE sovereigns looking to diversify into Asian currencies.

Hungarian oil and gas firm MOL Group is planning to refinance a five year credit facility and has also mandated banks for a euro-denominated bond, its first in the currency in four years.

Black Sea Trade and Development Bank (BSTDB) is meeting investors for what would be its first syndicated dollar benchmark trade.

Hungary opened books for a three year offshore renminbi bond on Thursday with initial price guidance set at 6.50%. The deal is not only the debut RMB offering from the Hungarian government, but also the first public dim sum bond since November 2015.

The European Investment Bank has announced its intentions to build a benchmark curve in Polish zloty, selling the first public trade in the currency from an SSA issuer.