CEE Bonds

The right way to keep banks off the Russia deal is adding Russia to official US and EU sanctions lists. Having words with banks through back channels opens up a grey area ripe for misinterpretation. It’s only fair to everyone involved to sanction the sovereign or let it do the deal.

Sappi Papier, the Austrian-South African paper manufacturer, is seeking to issue €350m of secured notes to refinance its 2021 dollar bond, in a European high yield market that has brought forward its post-Easter pipeline of deals.

Bulgaria marked its capital markets coming of age on Monday after timing its first intraday execution of a Eurobond to perfection. The €1.994bn note left the country fully funded for the year.

Bulgaria opened books on a dual tranche euro denominated note on Monday, becoming the first CEEMEA name to pounce on the post-European Central Bank (ECB) meeting relief rally.

Russian gas company Gazprom is roadshowing a possible Swiss franc bond, which would be its first in the currency since the EU and US laid down sanctions on several Russian state-owned companies in 2014.

CEE sovereigns rallied on Thursday in response to Mario Draghi’s plans to extend quantitative easing. But while some emerging markets bankers were hitting the phones to line up trades next week, others were less convinced that the news would have any impact on issuance.

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

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.