CEE Bonds
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Hungary may add more banks to the mandate for its potential dim sum bonds, said Andras Rez, deputy chief executive officer at the government debt management agency (AKK) in Hungary.
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The treasury chief of one of Russia’s largest private banks is set to retire this summer.
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Ukrainian Railways (Ukrzaliznytsia) is a step closer to restructuring its $500m of bonds due 2018 and will seek agreement from investors at a meeting on February 17.
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Central and eastern European borrowers gathered in Vienna this week for Euromoney’s Central & Eastern Europe Conference and are not short of plans for the capital markets this year.
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Russian mining company Norilsk Nickel is “completely pre-funded” for the next two years, its head of corporate finance told GlobalCapital. -
Slovenia is considering a buyback of its dollar bonds in order to reduce its exposure in the currency.
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Hungary is planning a €1bn bond this year, but is also still looking for a window in the near future in which to issue a dim sum transaction.
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Serbia is planning to fund the bulk of its funding needs through the domestic market, a funding official from the country’s finance ministry has said.
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Romania is set to come to the bond market “sooner rather than later”, said Anca Dragu, the country's Minister of Public Finance on Tuesday. It is likely to print a trade in euros.
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Standard & Poor’s unexpectedly downgraded Republic of Poland to BBB+ on Friday, causing a large sell-off of the sovereign’s debt just a week after it printed a dual tranche €1.75bn Eurobond.
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Republic of Poland’s €1.75bn dual tranche market reopener underperformed on the break on Tuesday. The deal drew criticism for printing too tight and too wide, based on which comparable was used, but the Polish Ministry of Finance called the note a success.
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Two deals from Poland and Slovakia this week showed how emerging market borrowers and their bankers need to come up with new ways to price CEE bonds, and fast. With European quantitative easing distorting secondary prices to the point of uselessness, deals should now factor in a ‘liquidity premium’, writes Virginia Furness.
