CEE Bonds
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Turkish banks have become reliant on short term MTN funding, using access to that market as a reason to refuse to print benchmarks after their spreads have drifted wider this year. -
CEEMEA supply is stumbling, with the week’s tally at one deal priced and one deal pulled. But Latin American offers hope of more fresh paper, with Mexican, Brazilian and Caribbean corporates all readying deals.
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Renaissance Capital has hired James Friel as global head of investment banking.
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Slovenia’s development bank, SID Banka, opened books on a €250m three year deal on Tuesday morning.
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Georgian firm Rustavi Azot has held price guidance for its $180m five year non-call three notes at 12.5%-13% and is expecting to price the deal later on Monday.
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The announcement of a partnership between the China Financial Futures Exchange (CFFEX) and Moscow Exchange (Moex) on July 15 comes on the back of rapid growth in RMB usage for trade and investment in Russia. And closer ties are on the cards now that infrastructure is being put into place to make Moscow an RMB hub, Riccardo Orcel, deputy CEO of VTB Group, told GlobalRMB.
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Slovenia gave CEEMEA the privilege of producing the first post-Greek agreement Eurozone sovereign deal this week. Pricing with only a single digit new issue premium and a pack of investment grade accounts in the book proved the sovereign is increasingly leaving its EM roots behind. But the success will still raise hopes among CEEMEA governments looking for duration.
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Armenian financial Ardshinbank priced a $100m five year amortising deal on Wednesday, and became one of only a handful of CEEMEA borrowers in recent years to offer a 12% yield.
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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.
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Georgian firm Rustavi Azot released price guidance for its $180m five year non-call three notes on Thursday, and now expects to price the bond on Monday.
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The Russian government has joined a growing group of sovereign CPI-linked bond issuers, and analysts expect the government to return for at least one more sale this year.
