CEE Bonds
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European bank debt did not escape a general pullback from risk positions on Monday as the political future of Ukraine remained mired in uncertainty. Those with exposure to the country were hit hardest but the broader market was also weak in cash terms. -
The Republic of Azerbaijan has picked banks for its inaugural dollar bond and begins investor meetings on Monday. Comparably rated sovereigns like Russia and The State Oil Company of the Azerbaijan Republic (SOCAR) with provide reference points for pricing.
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This week’s CEEMEA deals were trading well in the secondary market on Friday morning. Abu Dhabi Commercial Bank’s $750m bond was almost 10bp tighter after being priced flat. Gazprombank’s 5.5 year transaction was slightly above re-offer, and Russian Railway’s nine year euro transaction was up after being sold against a particularly difficult backdrop.
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Brazilian lender Banco Safra sold its debut Swiss franc deal on Thursday. A strong response from investors allowed the bank to sell the largest deal in the currency from a LatAm financial.
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Russian borrowers undaunted by unrest in Ukraine are pushing on with issuance plans and largely being rewarded for their resolve. Gazprombank sold a four times subscribed transaction despite concerns about its Ukrainian exposure while Russian Railways printed a nine year euro bond only hours after Russian fighter jets were placed on high alert.
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Australian lender Bendigo and Adelaide Bank sold its debut Swiss franc bond on Tuesday, benefiting from investor interest in a greater variety of Australian issuers.
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Year to Date Central and Eastern Europe DCM Bookrunner Ranking
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The run of Russian bank bonds continues despite escalating tensions in the Ukraine, with Promsvyazbank picking leads for its first tier two transaction under Russia's new Basel III rules.
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Russian Railways opened books on a nine year euro bond on Thursday morning, after waiting four weeks from the end its roadshow to start execution. After such a long wait the choice of market window surprised some debt bankers away from the deal.
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Brazilian lender Banco Safra and Banco de Chile are set to sell Swiss franc debt on Thursday, underlining Swiss investors’ appetite for Latin American paper.
