CEE Bonds
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Russian Tatfondbank’s $70m Reg S private placement was sold to around seven to eight investors, with an average ticket size of $10m, according to a source close to the deal.
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Price guidance for Latvia’s euro benchmark 10 has been tightened to 125bp over mid-swaps, in a move widely expected after a generous starting position. Two bankers away from the deal had said they expected to see tightening from the initial 135bp starting number before the Reg S note was priced later on Thursday.
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Russian Tatfondbank’s $70m Reg S private placement was sold to around seven to eight investors, with an average ticket size of $10m, according to a source close to the deal.
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Polish state-owned Bank Gospodarstwa Krajowego will mandate only Poland’s primary dealers for new issues, as the Ministry of Finance and the bank work together to bring BGK’s debut bond to the market this year.
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As if international sukuk were not already rare enough with only six dollar issuers so far in 2014, this week brought an even more unusual sighting — a deal that didn’t have an outrageously oversubscribed order book. Turkiye Finans can thank Damac Real Estate Development’s aggressive handling of investors for that, and so may the rest of the sukuk market. -
Romania priced its longest dated euro transaction in six years on Tuesday, as part of a comprehensive effort to push out the maturity of its public debt. The sovereign priced a €1.25bn 10 year note inside its secondary curve, and with the lowest coupon Romania has ever paid for an international bond issue.
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Commercial paper dealers are urging Russian banks to increase their issuance of the product, but are having a hard time convincing anyone as the borrowers are unwilling to pay up to print.
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Russia’s domestic bond market is not deep enough to cover every issuer's total refinancing needs, but getting the market working again to show that issuers have access to funding is worthwhile in itself.
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Russian banks are being urged by commercial paper dealers to increase issuance, but the bankers will struggle to convince borrowers as many are unwilling to pay up.
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Dmitry Gladkov has left JP Morgan where he was head of Russia and Ukraine DCM. Stefan Weiler, head of DCM for Central & Eastern Europe, Sub-Saharan Africa, Turkey, Israel and Central Asia will expand his coverage to include Russia and Ukraine.
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Romania priced its longest dated euro transaction in six years on Tuesday, printing a €1.25bn 10 year bond inside its curve and drawing a huge response from offshore US buyers.
