CEE Bonds
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The Republic of Turkey priced its ¥100bn ($933m) 10 year Samurai at 29bp over yen swaps offer on Wednesday. The bond is guaranteed by Japan Bank for International Co-operation (JBIC) which enabled the country to make a substantial saving on where a new dollar or euro bond would have come. -
Turk Eximbank priced a new seven year offering on Wednesday. While demand wasn’t overwhelming across the two day execution, the bond came inside its implied curve and attracted a high quality book.
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Magyar Export-Import Bank is meeting investors in Europe and the US for a proposed bond. The Exim bank is returning to the market without a guarantee from the World Bank and bankers away from the trade expect it to be popular with investors.
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Azeri Accessbank is roadshowing a small-sized European commercial paper issue in London this week via BCP Securities and BNP Paribas.
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The Republic of Turkey is set to price a ¥100bn 10 year Samurai at 29bp over yen swaps offer on Wednesday. The deal is backed by the Japan Bank for International Co-operation (JBIC).
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Turk Eximbank has returned to the international market for the first time since 2012 and opened guidance on a new seven year bond on Tuesday.
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Synthos SA, a leading manufacturer of chemical raw materials in Central and Eastern Europe, is meeting investors for its debut bond.
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The US unleashed further sanctions against Russia on Friday afternoon, following the EU on Thursday. The rouble was hit as a result and concerns are growing that if the sanctions continue beyond 12 months, corporate growth in Russia may be impacted as new Russian names were added to the US's sanctions list.
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Turk Eximbank has mandated Barclays, Citigroup, JPMorgan, MUFG and Mizuho Securities to arrange a seven year dollar bond. The deal will likely be around $500m, according to an origination official on the deal.
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Primary and secondary bond markets held steady on Friday as the European Union's new round of sanctions against Russia took effect.
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White goods company Arcelik priced the first ever sub-investment grade emerging market euro deal with no high yield covenants on Wednesday. While bankers claim the deal paves the way for more Turkish corporate deals with no covenants, they admit that only an elite group will be able to follow.
