CEE Bonds
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Croatia’s new €1.25bn eight year bond was trading at or slightly wide of re-offer on Friday, according to debt bankers on and off the deal. The €3.8bn final book, comprising 375 accounts from across Europe, should help support the bond in the secondary and proved the issuer’s strategy of approaching a wide range accounts had paid off, said debt bankers on the deal.
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Russian assets held firm on Friday in advance of Ukraine’s parliamentary elections on Sunday. Rather than take profit from an impressive week-long rally that has left Russian bonds hovering close to where they were before the Crimea crisis began in February, investors have bet on a market friendly outcome from the Ukraine vote. A resounding win for frontrunner Petro Poroshenko could allow Russian bonds to start closing in on levels last seen in January, said debt bankers.
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Turkiye Finans looks set to become Turkey’s first participation bank to enter the Malaysian sukuk market as it received an AA3/Stable rating for its proposed MR3bn ($930m) sukuk programme from RAM Ratings.
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Croatia launched a €1.25bn bond on Thursday morning, drawing over €4bn of demand for its first international deal in the currency for three years. Though beset by political problems and an ailing economy, the sovereign's popularity was enough to allow an increased deal size at a spread inside its dollar curve.
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The Croatian sovereign launched a €1.25bn euro bond on Thursday morning, drawing over €4bn of demand for its first international deal in the currency for three years. Though beset by political problems, an ailing economy and seemingly unable to address either, the sovereign's popularity was enough to allow an increased deal size at a spread competitive to dollar levels.
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China Construction Bank (CCB) Frankfurt Branch’s landmark offshore renminbi bond on Monday was met with strong demand in a market that has been buzzing with activity. Bankers said the success of the deal, which is the first CNH bond from a subsidiary of a Chinese name to settle, clear and list in Frankfurt, sets the stage for the city to become a popular destination for offshore RMB issues. -
Agrokor, Croatia’s largest privately owned business, is raising €475m of loans bearing features more commonly seen in high yield bond issues.
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China Construction Bank (CCB) Frankfurt branch launched the first Frankfurt-issued renminbi-denominated bond from a subsidiary of a Chinese name on Monday morning. The two year transaction, which will clear and be listed in Frankfurt, had attracted more than Rmb1bn ($162m) in orders less than half an hour after books were opened.
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Throughout the last few months of the Crimea crisis, Russian Otkritie has carved out a new but strong business of acting as broker for structured loans between Russian corporates and Western lenders, allowing Western institutions to continue lending to their Russian clients, a senior banker at Otkritie told GlobalCapital Emerging Markets. However, Otkrities’s once thriving local and nascent international bond businesses are not faring quite as well as political tension and slower economic growth has taken its toll on Russia.
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Some banks big in the emerging markets this week laughed at GlobalCapital when we asked whether any cuts had yet been made to their Russian bond teams. "It has only been two months since the start of the Crimea crisis!" they said, and this is, after all, the emerging markets, where volatility is par for the course. Many are cheerily optimistic that Russian bond business could return in the second half of this year. We disagree.
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JP Morgan and Morgan Stanley’s EM rivals may be gleefully awaiting punishment of those banks through future Russian mandates after this week they helped Ukraine raise $1bn via a US-AID backed bond, but they should not bet the ranch on a Russian freeze out.
