CEE Bonds

Slovenia priced a €1.25bn 10 year transaction on Tuesday with only a single digit new issue premium, according to bookrunners. The thirst for duration should help encourage other European sovereigns.

CEEMEA is refusing to put its feet up for the summer. Slovenia has reopened European sovereign supply, Zambia is prepping a dollar benchmark and rarer names are offering old school emerging market yields in the double digits.

VTB's huge multi-tranche tender offer makes financial sense, but also demonstrates the pessimistic outlook for Russian growth at one of Russia’s biggest corporate lenders, despite this year’s rally in the country’s bonds.

Slovenia launched a 10 year euro benchmark on Tuesday, but decided against adding a 30 year tranche.

Gazprom is asking for consent to modify the terms and conditions of its £500m 5.338% loan participation notes due 2020.

Austrian insurer Uniqa Group has launched a €500m subordinated note, its first appearance in the market since 2013.

Ak Bars Bank has mandated Credit Suisse and UBS to arrange a Eurobond. If the deal goes ahead, it will be the first new issue from Russia this year.

Slovenia’s development bank, SID banka, has picked banks for a potential euro transaction five years after its last benchmark issue.

VTB has launched a multi-tranche tender offer for dollar, Australian dollar and Swiss francs bonds.

The Republic of Zambia and Georgian firm Rustavi Azot kicked off roadshows this week, providing hope that a reopening of the CEEMEA sovereign and corporate markets — courtesy of Kazakhstan and Naspers — maintains momentum.

CEEMEA borrowers pounced on a clear window this week and paid for it with premiums as high as 50bp. But while everyone talks about the size of the concessions, it’s worth noting that issuers showed the maturity to accept them.

Ukrainian lender Privatbank failed in its first attempt to reprofile its 2016 bonds, which surprised some analysts. But not those inured to the numerous iterations of most Ukrainian restructuring exercises.