CEE Bonds

DTEK Energy Group, the largest privately owned energy company in Ukraine, is warning of a possible default as it attempts to exchange its $200m Eurobonds due April 28, 2015.

VTB Capital’s string of departures has continued into this year, with an experienced credit trader set to quit the bank at the end of the month.

Akbank has returned to market with a 10 year $500m no grow, its second dollar offering of the year and its second instalment of a $1bn refinancing.

Two Russian banks announced tender offers this week — Tinkoff Credit Systems and Russian Standard Bank.

The Republic of Ukraine has sent out a RFP for a $1bn US Agency for International Development backed bond.

Armenia sold $500m of 10 year notes on Thursday while simultaneously completing a buyback of its 6% 2020s at par.

RAM Ratings has assigned a AA3 rating to Kuveyt Türk’s debut ringgit sukuk, and Zorlu Energy has added its name to the list of Turkish corporates considering Islamic bonds. But despite a burgeoning Turkish financial market, debt bankers are not holding out hope of corporate supply kicking off.

Bulgaria stormed back into the market with a giant triple trancher on Thursday — the largest ever euro-denominated bond from an emerging market sovereign.

Slovenia printed its longest ever bond on Wednesday, a 20 year, taking advantage of a near halving of its spreads since the start of this year to print inside Spanish levels.

Ukraine intends to restructure $15.3bn of its debt over the next four years, but with little detail, analysts are debating how severe the principal reduction will be.

Renaissance Credit has bought back $48.5m of its subordinated 2018s. The exercise enabled it to eliminate the coupon cost on almost a third of the amortising note.

Armenia released price guidance for a 10 year dollar bond at 7.625% area on Thursday morning and the book size is already past the $500m target size.