CEE Bonds
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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. -
Turkiye Finans has led the return of Turkish participation bank issuers to the sukuk market after nearly a year of absence, achieving a strong result this week that leads on the deal hailed as a door-opener for its peers.
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Russia’s domestic bond market is not deep enough to cover all issuers’ total refinancing needs, but getting it working again to show that issuers do have access to funding has its own value.
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Romania opened books on a 10 year benchmark euro deal with a slim starting premium on Tuesday morning. But a resurgent economy and strong fiscal fundamentals justified the price thoughts, said debt bankers on the deal.
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VTB Capital has let go one of its fixed income syndicate team as part of a number of job cuts at the firm.
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At $1.5bn, the order book for Turkiye Finans’s $500m sukuk return on Tuesday was not to be sniffed at. But demand didn't reach the dizzy heights of this year’s other dollar sukuk deals, and that is thanks to the market’s last issuer, Damac Real Estate Development.
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Turkiye Finans priced its $500m five year sukuk inside guidance at 5.375% on Tuesday. But while some market participants felt the early $750m interest received signalled a "sluggish" bookbuild, this grew to $1.5bn despite the tighter price – and demand continued in the secondary market.
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SID Bank (Slovenska izvozna in razvojna banka) released the spread for a new 2015 exchange note on Monday morning, which is only open to holders of its 2015 government guaranteed debt.
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Turkiye Finans will look to issue $500m of five year sukuk on Tuesday, said investors, with pricing for the notes expected to come around 375bp over z-spread by at least one investor.
