CEE Bonds
-
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. -
-
-
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.
-
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.
-
Central eastern European sovereign supply is moving further out the credit curve, with Romania on Wednesday attempting its longest dated euro deal yet.
-
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.
-
Croatian state-owned power company Hrvatska Electroprivreda (Hep) has bought back over 80% of its debut dollar deal, and on Monday morning opened books on a new transaction to fund the purchase.
-
Lithuania landed its longest, largest and lowest yielding deal ever in one fell swoop this week. But with the eurozone sovereign’s order book dominated by rates buyers rather than emerging market accounts, the deal has implications for Spain just as much as Slovenia.
-
Ukraine this week received the necessary votes to restructure 13 of the 14 Eurobonds it targeted, with the leaving just the problem of a Russian-held $3bn bond to be solved. But even with an end to the restructuring odyssey in sight, CEEMEA watchers are worried about the economic outlook and the nature of the restructuring agreement.
-
Polish insurer Powszechny Zakład Ubezpieczeń (PZU) priced a tap of its euro 2019s on Tuesday following investor calls the day before. The strategy puzzled rival bankers, but was staunchly defended by the leads.
-
Turkiye Garanti Bankasi is applying to the country’s capital markets board for authorisation to issue an international covered bond of up to €2bn, but the deal’s future likely hinges on the outcome of Turkey’s elections, said bankers close to the deal.
