CEE Bonds
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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. -
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.
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Russian state owned Sberbank was rumoured this morning to have mandated European banks for a €1bn bond with the intention of starting meetings with European investors on Thursday, but two bankers in close contact with Sberbank said no deal is expected immediately.
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Turkish participation bank Albaraka Turk has removed BNP Paribas from its previously indicated arrangers, having mandated banks for a Reg S dollar sukuk roadshow beginning this week.
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Kuveyt Turk Participation Bank is embarking on a roadshow to market a dollar sukuk.
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Vakifbank has launched its €500m bond to yield 3.65% — the tight end of guidance and inside its own dollar curve.
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Kuveyt Turk Participation Bank is embarking on a roadshow to market a dollar sukuk.
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Russian Gazprombank is monitoring the market and could announce investor meetings for a new benchmark as early as this week. Though the plans are not confirmed, if it does go ahead it will be the first state owned issuer to test the market since Russia moved troops into Crimea at the start of March.
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Muğanbank, a retail and corporate bank in Azerbaijan, is set to enter the euro commercial paper market after meeting investors this week.
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A fat pipeline of sukuk and bonds before the end of the month should add to what is already one of the busiest quarters on record for Middle East dollar deals. With Ramadan and the summer slowdown approaching, this extra surge is a big test of market depth – particularly for sukuk – but it is one that that the market should pass comfortably.
