CEE Bonds
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A poor third quarter for Commerzbank’s investment banking division and the announced retirement of its chief executive has done little to spoil the bank’s overall sense of momentum, as it posted better profits than had been widely expected and revealed it would pay its first dividend in eight years. -
Turkish sovereign and bank bonds have crunched tighter as the ruling Justice and Development Party (AKP) regained its parliamentary majority.
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Public sector borrowers have jumped on demand for Brazilian real notes with a flurry of medium term notes — and there is more in the pipeline, said niche currency and MTN bankers.
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Russian steel company TMK has launched a tender offer for its 2018s through Citi and JP Morgan.
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VTB Bank intends to buy back $418.8m of dollar bonds and Sfr67m in Swiss franc bonds following the result of a tender offer that expired this week.
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The internationalisation of the Schuldschein market, Germany's answer to private placements, has been widely hailed, with foreign issuers and investors increasingly prominent. But even the banks that arrange the deals now include some surprising non-German names, writes Elly Whittaker.
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Wells Fargo printed an impressive second Swiss franc deal for the year on Thursday, attracting strong demand not only from retail and private banking investors but also asset managers, insurance and pension funds.
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Romania became the latest CEE name to demonstrate the renewed bid for duration this week, drawing praise for a 10 and 20 year dual tranche euro transaction. However, some debt bankers away from the deal felt the 20 year had come at a hefty spread.
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Central eastern European sovereign supply is moving further out the credit curve, with Romania on Wednesday attempting its longest dated euro deal yet.
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State owned power company Hrvatska Elektroprivreda (Hep) rounded off a smooth refinancing exercise this week, with a seven year deal that crushed the concession it pays over the Croatian government.
