CEE Bonds
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Slovenia is considering a buyback of its dollar bonds in order to reduce its exposure in the currency. -
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.
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The Slovak Republic sold its €1bn 15 year bond on Thursday in what proved another lesson for bond syndicates in how inaccurate CEE sovereign secondary curves can be as a measure of where to price new bonds.
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The Slovak Republic has firmed price guidance for its 15 year bond to 38bp over mid-swaps, with the book size standing at more than €800m.
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The Slovak Republic has mandated three banks for a Reg S 15 year public benchmark. It added that it will wait until the second quarter of the year at the earliest to tap the private placement market.
