CEE Bonds
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A couple of debut issuers from the Middle East and two live debt exchanges are keeping bankers in CEEMEA busy this week and with several roadshows, albeit non-deal ones, in progress, the pipeline looks healthy. -
Telekom Slovenia, a firm downgraded four times in the last five years, has secured a €300m loan to refinance a bond, the move will strengthen its Ba2 rating according to Moody’s.
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Renaissance Financial Holdings is looking to extend its maturity profile with a five year non-call two note via an exchange offer.
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Georgian Oil & Gas Corporation (GOGC) is preparing ground to issue the first Eurobond from Georgia since 2013 and is simultaneously offering to buy back for cash its existing July 2017s.
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Bankers were predicting a return of senior Turkish financial supply after Isbank achieved nearly four times oversubscription for its market reopener on Wednesday.
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A slew of unusual CEEMEA issuers this week announced plans to meet with investors: Global Ports Investments, Kenya, Ahli Bank Qatar and Alternatifbank. Some are specified as non-deal meetings while others are focussed on specific deals.
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Russian container terminal operator Global Ports Investments has mandated six banks for its debut Eurobond and is embarking on a roadshow for the deal. The last time a debut issuer from the country tapped the bond markets was in 2013.
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Isbank reopened the senior market for Turkish financials in style on Wednesday with an oversubscribed deal that was priced tight to the issuer’s existing curve.
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Poland has returned to the dollar market after its ratings downgrade and, in printing with the lowest new issue premium for a dollar CEEMEA sovereign bond this year, has knocked out any lingering concerns about appetite for its debt.
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HSBC has promoted from within to head its wholesale banking business in Turkey.
