CEE Bonds

Commodity trader Gunvor is offering to buy back $80m of its bond maturing 2018.

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 where Spain's government bonds trade.

Bulgaria was offering generous premiums on its triple tranche Eurobond on Thursday. But while bankers said pricing looks cheap, they questioned whether the 20 year tranche would sell well.

Alliance Oil has repurchased $51m of its 9.875% 2015s which were due to mature on March 11. It hopes to extend the maturity of the remaining bonds by four years.

Slovenia has released price guidance for a 20 year euro benchmark bond at 70bp-75bp over mid-swaps — a first in this tenor for the country.

Bulgaria has indicated that it is considering up to three tranches with a maximum maturity of 20 years for its long awaited euro-denominated bond.

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.

Renaissance Credit has extended the deadline of its buyback of subordinated bonds due 2018 by a day to allow private banks to get their documentation in order.

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.

Montenegro priced a €500m bond late on Thursday afternoon in London, printing its largest ever bond, though stuck with a five year tenor.

While Montenegro was speedily printing a euro-denominated bond this week, two more central and Eastern European countries queued up behind it to take their own deals on roadshows.

The State Oil Company of the Azerbaijan Republic (Socar) printed a twice subscribed $750m bond on Wednesday, becoming the first oil company from CEEMEA to access the bond since the dramatic fall in the oil price since the end of last year.