CEE Bonds
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Bulgaria will begin a roadshow later this month ahead of what is planned to be a euro-denominated benchmark Reg S deal.
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CEEMEA bond bankers are calling the market the best they’ve seen since spring last year and issuers, particularly from the Middle East and Africa, are rushing to take advantage of it while it lasts and before Ramadan and the summer slowdown shrink the potential investor base.
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Kuveyt Turk gave initial price thoughts on Wednesday for a five-year dollar denominated sukuk at 375bp over mid-swaps. The Turkish participation bank plans to price $450m to $500m on Thursday, according to a banker on the deal. -
Turkish participation bank Turkiye Finans is set to issue the first sukuk tranche from its MR3bn ($930m) sukuk programme by the end of this month, according to a senior treasury official at the bank.
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Consumer lender FlexiGroup is set to issue off its interest-free loan backed consumer ABS platform for the first time this year, ahead of what syndicate bankers expect to be a busy few months for Australian issuers as their investor base expands and alternative currencies become available.
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Nova Ljubljanska banka has picked banks for investors meetings ahead of its return to the bond market after five years away. Recapitalisation and a balance sheet clean up earned it a recent upgrade to Caa1 from Moody’s, but the split-rated issuer will want to price more in line with its BB- ratings from Standard & Poor’s and Fitch.
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Slovenian oil distribution company Petrol dd Ljubljana launched its first euro benchmark bond on Monday morning.
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SPP Distribúcia took CEEMEA bond supply to over $7bn-equivalent this week, by launching a seven year euro deal on Friday.
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With rumours rife that two Russian borrowers are about to break the country’s silence and launch new bonds, the EM bond market is awash with Turkish borrowers looking to rush through deals while they have a clear run.
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With rumours rife that two Russian borrowers are about to break the country’s silence and launch new bonds, the EM bond market is awash with Turkish borrowers looking to rush through deals while they have a clear run.
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Vakifbank priced the first ever euro-denominated bond from a Turkish bank on Tuesday to an undisputed good reception. But bankers on and off the deal debated whether the print was inside the bank’s dollar curve.
