CEE Bonds
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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.
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While pandemonium reigns in the Russian debt markets, neighbouring Ukraine appears to be regaining some stability. Food oil firms Creative Group and Kernel are greasing the way for Ukraine's syndicated loan market to reopen, after violent unrest that began in March caused just $11m of loans to be signed last quarter. -
Promsvyazbank priced a $300m seven year tier two note on Tuesday afternoon, narrowly avoiding the fallout from a new set of US sanctions on Russia. The issuer is still conducting an exchange on its older dollar debt, but the turmoil across the Russian secondary market is unlikely to affect the exercise, said bankers on the deal.
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Atanas Bostandjiev will be leaving his position as VTB Capital’s international CEO to pursue other business opportunities. Nick Hutt has been appointed interim CEO.
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Debt bankers on Thursday’s emerging market bond deals from South Africa, First Bank of Nigeria and Macedonia may have struggled to get hold of some investors, who were focussed solely on selling Russian risk following a fresh round of US sanctions, but they are confident the Russian turmoil will not influence their new trades and the rest of the secondary CEEMEA market has barely budged, said traders.
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Macedonia is preparing to print a seven year deal at 4.25% on Thursday afternoon — it's first bond deal is almost a decade.
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A fresh round of US sanctions killed the Russian bond market’s nascent recovery, and sent Russian paper plummeting in the secondary market on Thursday. Some syndicate officials ascribed the sharp moves to widespread complacency about the risk of harsher sanctions. But others argued it was a typical knee jerk reaction, and that — despite crushing hopes of Russian issuance in the next few weeks — the new sanctions do not necessarily rule out deals later in the year.
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Alternatifbank is preparing to price a $250m five year deal at 143bp over mid-swaps this afternoon — right around where debt bankers off the bond saw fair value — having received over $1.6bn in orders for the no-grow note.
