CEE Bonds
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Emerging market sovereigns could take a close look at the Norwegian kroner market in the near future, according to syndicate bankers. The Slovak Republic recently sold its debut deal in the currency, a Nkr3.4bn ($562.8m) dual tranche trade. -
Emerging market sovereigns could take a close look at the Norwegian kroner in the near future, according to syndicate bankers. The Slovak Republic recently sold its debut deal in the currency, a Nkr3.4bn ($562.8m) dual tranche trade.
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Bankers and analysts are divided over whether the West’s sanctions on Russia are likely to tighten. But even if they do, Russian banks and companies could survive being shut out of international bond markets for 12-18 months without a ratings downgrade, said Fitch analysts this week.
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mBank closed a successful €500m five year bond this week. The issuer trades too tight for some emerging market accounts and is not a natural choice for investment grade buyers. But it drew enough demand from both groups to price an oversubscribed bond with only a minimal new issue premium.
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The international response to Crimea has been decided. All that remains is a few brief months of playfighting, with weak politics and even weaker sanctions.
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Polish financial mBank started execution on a senior unsecured bond on Monday morning. The Commerzbank subsidiary is aiming to attract investment grade and EM investors into the deal, it's first since a rebranding late last year. But the outlook for more traditional CEEMEA supply was uncertain, said debt bankers.
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Russian Railways’ chairman of the board Vladimir Yakunin has been added to the list of individuals subject to US sanctions. But investors in the state-owned company seemed reluctant to single the company out for punishment as a result, with its new bonds only selling off around 30bp since yesterday morning, in line with other Russian bonds such as Gazprom.
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In the patter emerging market syndicate bankers roll out after a deal is priced, they often modestly (HA!) extol the virtues of their own execution, the timing of a deal and, in the slight hope of a quote massaging the ego of their client, the issuer’s own expertise.
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Central and eastern European sovereigns are poised to follow Hungary’s bold lead by jumping into the international bond markets to take advantage of a spectacular CEEMEA relief rally, writes Steve Gilmore.
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Hungary attracted 775 accounts into its latest dual tranche bond. Of the $14.5bn in total orders, demand was tilted towards the 10 year tranche, indicating that the bid for duration remains strong despite uncertainty about long end rate movements.
