CEE Bonds

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.

Kazakhstan printed a gigantic $4bn dual tranche bond this week, drawing a book of around $9.5bn for the notes.

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.

Kazakhstan opened books on a dual tranche dollar bond on Tuesday morning, and is looking for at least $2bn, according to a source close to the deal. Debt bankers away from the bond felt confident size would not be an issue, but were divided over whether the start point was appropriate or very cheap.

Rustavi Azot, the only manufacturer of nitrogen fertilisers in the South Caucasus region, has mandated Citi and Galt & Taggart to arrange a $180m five year non-call three bond. The bond will be the first from a privately owned company in the Caucasus region.

CEEMEA debt bankers spent Monday morning on the phone to issuers following news of a Greek bailout agreement. But prospects for supply still hinge on a Greek parliamentary vote on Wednesday, and even then not just any CEEMEA issuer will be able to launch, said debt bankers.