CEE Bonds

Southern Gas Corridor Company has started investor meetings for a bond fully guaranteed by Azerbaijan.

Family run Turkish conglomerate Koc Holding printed $750m with a minimal new issue premium on Wednesday as corporate supply in CEEMEA ramped up.

Ukraine poultry producer, MHP has finally secured bondholder approval to amend its $750m notes due 2020, though bankers close to the deal said they knew it would be "rejected the first time."

Emerging market investors have plenty of opportunity to pick up corporate debt this week with Mexican oil and gas giant Petroleos Mexicanos (Pemex) returning to euros and Koc Holding in dollars.

Issuers lined up to print in euros on Tuesday as a vital European Central Bank meeting loomed later in the week — but bankers were divided as to how much the flurry of deals was down to concerns over the central bank meeting.

KOKS Finance and Dubai Holding are looking to buy back part or all of their dollar notes due 2016 and 2017, respectively.

Kuwait Projects Company (Kipco) was on track to print 2016's first corporate bond from CEEMEA on Tuesday as Turkish conglomerate Koc Holdings also said it would issue a seven year bond.

Holding Slovenske elektrarne (HSE), the largest electricity provider in Slovenia, will begin roadshowing its high yield debut bond on Tuesday, as market conditions recover from a bruising start to the year.

The State of Montenegro locked down €300m towards the refinancing of the €390m of Eurobonds it has maturing in April on Thursday, but was unable to crunch pricing tighter inside initial guidance released earlier in the day.

Two Turkish bond deals this week were seen as a welcome treat for investors starved of recent supply from the country, and more is still in the pipeline.

Even rival bankers are lavishing praise on the $1.5bn long 10 year bond Turkey sold on Wednesday, which drew a $4.47bn book and needed only a 10bp-15bp new issue premium to print.

Montenegro has released initial price thoughts for a five year euro denominated bond at 6% area, offering around a 50bp new issue premium, according to a banker away from the deal.