CEE Bonds
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ABH Financial, the holding company for Alfa Bank, has price guidance out for the first Russian primary market deal since Russian Railways in late February. The modest size and short tenor mean some debt bankers think it unlikely to reopen the Russian market more broadly, though the deal’s good reception with investors is helping to build positive sentiment towards Russian paper.
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International Bank of Azerbaijan (IBA) is preparing to price a $500m five year bond this afternoon, having received almost $1bn in orders and narrowed price guidance to around 200bp over government bonds.
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The CEEMEA market was back on form after a holiday induced slowdown last week. International Bank of Azerbaijan (IBA) and Russian ABH Financial are both aiming to price dollar bonds on Wednesday, while Morocco and Access Bank have added themselves to the African pipeline.
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Central and Eastern Europe has benefited from a rally over the last few months, as funds have rotated out of Russia and into that region. But with tensions seemingly subsiding in eastern Ukraine and bankers eagerly expecting a return of Russian bond issues before the end of the year, the flows may start to reverse. The revival of Russian business could come at the expense of appetite for the CEE.
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Renaissance Capital has hired Ahmed Badr as head of Middle East and North African equities and the chief executive of its new Dubai office the company announced on Tuesday.
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PGE’s debut euro deal was trading up half a point in the secondary market on Tuesday morning, after the issuer priced its €500m no-grow note off an orderbook of over €4bn. The result bodes well for fellow Polish corporate PKN Orlen, which is planning its own inaugural deal. And investors eager for more fresh CEE supply have prospective debuts from Slovenian and Slovakian companies to look forward to.
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Panamanian lender Global Bank is set to become the second financial from the country to tap the Swiss franc market on Tuesday, looking to appeal to Swiss retail investors with a juicy coupon for a modestly sized deal.
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ABH Financial Limited has mandated Alfa Bank, Commerzbank and UBS to arrange a euro denominated Reg S senior unsecured bond, but bankers away from the note disagreed on whether the deal, which will be sub-benchmark size, will serve as a market reopener for Russian issuers. -
Poland’s PGE started execution on a debut euro deal on Monday morning. The borrower found its €500m no-grow five year transaction hugely oversubscribed by midday, and aims to price the note in the afternoon.
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Turkey has endured a year of turmoil since the Gezi Park protests and a prolonged emerging market sell-off derailed its economic boom. But even as protesters and police mark the anniversary with another splash of teargas, Halkbank’s result last week shows Turkey’s banks have a prime opportunity to return to the bond market and underscore the country’s strong recovery. Banks thinking of waiting for the third quarter might do well to come now.
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Kuveyt Turk looks set to become the second Turkish participation bank of the year to bring a dollar sukuk, having applied to the country’s Capital Markets Board to issue up to $500m to foreign investors.
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