CEE Bonds

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.

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.

Emerging markets investors are soon to be treated to the second Russian corporate of the year in dollars with Vimpelcom mandating banks this week.

Poland this week tackled head on the ghosts of bonds past and has reopened the ill-fated 2036 euro note it printed in January.

Russian container terminal operator Global Ports Investments printed the first Russian debut bond since the Crimea crisis on Monday in a deal that was 3.5 times subscribed.

Alternatifbank revised pricing by a whopping 100bp to print its "debut" note on Tuesday, drawing plenty of criticism from rival bankers for starting pricing too wide. But the leads defended their ‘inclusive’ pricing strategy.