CEE Bonds
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The Russian-Ukraine crisis has risen from its slumber in a roaring angry temper. Russia’s next recovery in the capital markets may not be as quick or as painless.
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A court ruling on Yukos Oil made in The Hague on Monday became the latest of a growing number of bad news stories involving the country, putting further pressure on its bond prices. A number of market participants are expecting harsher EU sanctions on Russian entities later this week that more closely mimic moves by the US a fortnight ago. -
Rosinterbank, a Russian second tier bank, is planning to make its debut in international markets through a renminbi-denominated bond, GlobalRMB can reveal. The deal, scheduled for August, will mark the second CNH bond from a Russian issuer this year and the bank will become the fifth Russian issuer in the offshore CNH bond market.
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Turkey’s Doğuş group has approval from the country’s capital markets board for a $370m debut sukuk, taking it another step closer to launching the first ever dollar sukuk from a Turkish corporation. The country has a limited Islamic investor base, but the deal should also attract healthy support from conventional accounts, said debt bankers.
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Russian bond prices are showing signs of recovery in a secondary market characterised by thin liquidity, with sanctioned and unsanctioned names alike making gains. But those unaffected by US action have clearly suffered less since the latest sanctions were put in place, and analysts expect the extent to which a Russian institution is a risk of being included in future sanctions to determine how it trades.
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Each of the CEEMEA bonds priced on Thursday was trading up in the secondary market on Friday morning. Russian paper shows little signs of recovering from its beating, but the wider market has remained largely immune to the US sanctions imposed on Wednesday.
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Turkey's Alternatifbank priced a $250m five year deal this week, finishing right around where debt bankers off the bond saw fair value after receiving over $1.6bn in orders for the no-grow note.
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Macedonia priced its first bond deal in almost a decade this week, returning to the market with a €500m seven year euro note. The issuer had to compensate investors for its long absence and the lack of comparables, but ended up with a "fair" premium over Croatia, which bankers on and off the deal saw as the main reference point.
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Net4Gas, the Czech gas transmission system operator, launched its first bond on Thursday, raising €460m with a two tranche deal.
