CEE Bonds
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Czech Raiffeisenbank priced the first publicly syndicated euro benchmark covered bond from the country on Wednesday. At the same time, Toronto Dominion Bank mandated leads for its first Australian dollar covered bond.
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Slovenia this week became the latest sovereign to be tempted into pre-funding by the low yields on offer, following deals from Lithuania and Romania last week. The issuer priced a long seven year bond that marks the lowest coupon on any of its outstanding medium to long term euro benchmarks.
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Turkish consumer products company, Yasar Holdings, printed its $250m bond on Thursday evening from a book of $620m and well inside initial price thoughts. The success of the EM high yield deal — the first to be printed since the huge US volatility of a fortnight ago — bodes well for other corporates from the region roadshowing bonds.
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Daimler leveraged strong demand for its name among European asset management and private bank buyers to price an A$100m ($88m) three year bond on Wednesday.
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Bloomberg is refusing to list sanctioned securities from Russia. The move is irritating bankers in London, who said this would make it difficult for traders and bankers using Bloomberg as a database to assess a company’s debt levels and make sensible investment decisions about non-sanctioned debt.
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Kompany Weglowa is embarking on a roadshow for bond, having mandated Barclays, BNP Paribas and Deutsche Bank for the deal. One syndicate official away from the deal said that the timing of the deal was strange as Jastrzębska Spółka Węglowa, another Polish coal company in the market for a bond, has paused before printing suggesting demand for this kind of credit is in doubt.
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Turkish consumer products company, Yasar Holdings has released price guidance at a yield of 9% to low 9% for a $250m 5.5 year non-call three bond. The high initial guidance drew attention from syndicate officials away from the deal who said that the note would serve as a test of investor appetite for EM high yield names.
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Slovenia on Tuesday was able to ratchet in pricing on a long seven year benchmark — which is for pre-funding — by 15bp from the initial price thoughts level to price with a new issue concession of just 4bp.
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The CEEMEA bond market is packed full of new issues as a least nine new issuers are confirmed as being on the road marketing new deals.
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Bloomberg is refusing to list sanctioned securities from Russia. The move is irritating bankers in London, who said this would make it difficult for traders and bankers using Bloomberg as a database to assess a company’s debt levels and make sensible investment decisions about non-sanctioned debt. -
Slovenia has opened books for a long seven year benchmark bond for pre-funding purposes. It is taking the first available window after market participants had digested the results of the European Banking Authority’s comprehensive assessment — which found two Slovenian banks wanting.
