CEE Bonds
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Russian DCM desks are reeling from the impact of the EU and US’s latest sanctions but investors are weighing up opportunities in scarce issues and unsanctioned names as some bonds even rallied on Wednesday morning. -
Polish retailer Empik Media & Fashion (EMF Group) is planning to issue €240m of six year senior secured bonds. Standard & Poors has assigned a preliminary rating of single B to the issue.
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Latvian short term finance company 4Finance has mandated Credit Suisse to arrange 144A/Reg S bond. When it prints, it will be the first time a non-sovereign Latvian issuer has tapped the international markets for seven years.
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Loans bankers are looking for silver linings in the imminent prospect of deeper Western sanctions against Russia. At least the market has shut down in August, when Russians take their summer holidays. No deals would have been done anyway, so no matter. But the situation will not be over by the autumn, and August is not the listless month many market participants assume.
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Gazprombank, which is subject to US sanctions as of two weeks ago, held a series of meetings in Seoul with fixed income investors on 24 and 25 July, arranged by KDB Daewoo Securities. Russia was dealt a blow on Monday from elsewhere on the continent though as Japan announced that new sanctions on the country would be released shortly.
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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.
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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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