CEE Bonds

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.

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.