CEE Bonds
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Armenia's Ardshinbank has released price guidance at a yield of 12% for a dollar five year amortising bond.
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Rustavi Azot has released price guidance for its $180m five year non-call three notes at 11%-13% yield. The note is expected to be priced later this week.
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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.
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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.
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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.
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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.
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Austrian insurer Uniqa Group has launched a €500m subordinated note, its first appearance in the market since 2013.
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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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Slovenia’s development bank, SID banka, has picked banks for a potential euro transaction five years after its last benchmark issue.
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VTB has launched a multi-tranche tender offer for dollar, Australian dollar and Swiss francs bonds.
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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.
