CEE Bonds

Turkish participation bank Kuveyt Turk has priced a $500m five year sukuk at 340bp over mid-swaps, the tight end of refined guidance, after drawing $3.25bn of orders.

National Bank of Ras Al-Khaimah (Rakbank) sold its $500m 3.25% five year bond at 160bp over mid-swaps on Tuesday afternoon, going straight from the initial guidance of 170bp area to pricing. Order books reached $1.6bn at their close.

Commercial Bank of Qatar priced its first dollar deal in more than two years flat to its existing curve on Tuesday after attracting more than $3bn of demand.

Sberbank and Gazprombank have mandated banks for euro denominated bonds with roadshows to take place in the next week.

Bulgaria will begin a roadshow later this month ahead of what is planned to be a euro-denominated benchmark Reg S deal.

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.

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.

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.

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.

Slovenian oil distribution company Petrol dd Ljubljana launched its first euro benchmark bond on Monday morning.

SPP Distribúcia took CEEMEA bond supply to over $7bn-equivalent this week, by launching a seven year euro deal on Friday.