CEE Bonds
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Polish energy utility PGE made its euro bond market debut, pricing a €500m no-grow bond from an orderbook of over €4bn, a result that bodes well for compatriot oil firm PKN Orlen, which is planning its own inaugural deal. Investors eager for more fresh CEE supply also have prospective debuts from Slovenian and Slovakian companies to look forward to.
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The success of Russian ABH Financial’s bond, printed at the tight end of guidance and with a €350m size that exceeded expectations, is raising hopes that a rejuvenation of the Russian Eurobond market might be imminent, with even US accounts taking exposure to the deal via London branches.
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Kazakhstan Temir Zholy (KTZ), the Kazakh state owned rail company, and Panamanian lender Global Bank both made their Swiss franc debuts this week. While attractive yields have made emerging market credits popular with Swiss investors, both borrowers struggled to appeal to institutional accounts and were forced to print smaller than expected deals.
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International Bank of Azerbaijan priced its first dollar benchmark on Wednesday evening. Progressive tightening during execution allowed the bookrunners hit their spread target and prompted some accounts to drop out. But the final book was big enough to ensure a successful bond that was stable around reoffer in the secondary market on Thursday morning. -
Russia has taken its first step toward regaining access to international capital markets with a successful new issue for Alfa Bank’s holding company this week, writes Francesca Young.
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International Bank of Azerbaijan (IBA) priced its first dollar benchmark this week, well inside the levels most investors had originally asked for.
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Kazakhstan Temir Zholy (KTZ), the national rail company of Kazakhstan, is set to make its Swiss franc debut on Wednesday afternoon, selling a dual tranche deal. A lack of demand from institutional buyers is likely to limit the size of the deal, though the issuer could look to tap the deal quickly if interest in the grey market is strong enough.
