CEE Bonds
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SPP Distribúcia, the Slovak gas distribution company, on Friday named lead managers for its inaugural euro benchmark bond.
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Czech Export Bank has picked banks for a new euro bond, and will visit investors from the end of next week.
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Dim sum bond issuance so far this year has now swept past the volume for the whole of 2013. That in itself is striking, particularly at a time of renminbi weakness. But while the surge in deals is the most obvious progress, there are plenty of more fundamental developments taking place. -
Turkish participation banks Albaraka Turk and Kuveyt Turk have both received permission from the country’s Capital Markets Board to issue up to $500m of sukuk to foreign investors.
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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.
