CEE Bonds
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A Russia-focused DCM banker is leaving Deutsche Bank after four years with the firm.
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Russia’s VTB Bank on Friday mandated lead managers for a Swiss franc roadshow this week, paving the way for what could be the first deal in the currency from a Russian issuer since January.
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This week’s barrage of CEEMEA bonds were all trading at or above reoffer in the secondary market on Friday, although euro deals from Russian duo Gazprombank and Sberbank led the pack in terms of performance. -
Turkiye Finans has issued a five year MR800m ($249m) sukuk as the first tranche of a MR3bn sukuk programme, making it the first Turkish participation bank to borrow in the ringgit market.
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Volkswagen Financial Services has launched its first rouble bond, raising Rb5bn (€109m) and furthering its strategy of raising finance for its lending in local markets.
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Bulgaria brought its first benchmark deal in two years on Thursday, printing a €1.493bn long 10 year bond from an order book close to €4bn.
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Oil and petrol company PKN Orlen made a €500m debut in the euro market this week, and took €2.5bn in orders for its five year note on Monday despite an aggressive spread, said bankers on the deal. The success of CEE debutants like PKN has prompted a hefty pipeline of other inaugural corporate issuers.
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Polish insurer Powszechny Zaklad Ubezpieczen (PZU) became the third Polish issuer to make a euro debut this month, pricing a five year note with an aggressive spread that reflected the issuer’s credit quality, rarity and pick-up relative to its western competitors.
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Turkey’s Ziraat Bankasi brought a long awaited debut deal on Thursday, 13 months after picking a lead manager line-up for its first international transaction. Three other issuers also picked the same day to launch bonds, but rarity value meant Ziraat had no trouble attracting investors.
