CEE Bonds
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Investors hunting for yield are eager for private placements in emerging market local currencies, according to MTN dealers. Turkish banks are tapping the demand and will print more deals in the currencies in the coming weeks.
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Corporate bond issuance is set to get busier again in Europe next week, bankers say, with a drive-by deal also possible on Friday.
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Sberbank printed $1bn of subordinated debt on Tuesday at a price that three syndicate managers away from the deal said was very aggressive. After being priced at par, the note was trading at 99.75-100 on Wednesday morning, initially indicating that the leads were right to push it, but it had sunk as low as 98.875 on Thursday afternoon, fuelling thoughts that pricing was too tight for the deal size.
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In 2014, emerging market bankers will be chasing after bigger mandates, but fewer of them if this year’s numbers are anything to go by. The average size of an emerging market bond in the first weeks of this year has leapt skywards compared to previous years while the number of deals priced has plummeted, according to Dealogic data. But DCM officials say they see little real change in the way deals are pitched or sold as a result of that new strategy.
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Corporate bond issuance is set to get busier again in Europe next week, bankers say, with a drive-by deal also possible on Friday.
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Russian energy company Gazprom impressed debt bankers with a smoothly executed seven year euro transaction on Wednesday, which was sold with a minimal new issue premium to a range of investment grade accounts, said syndicate officials on the deal.
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Tich Mabikacheche has left Barclays EM DCM team after 2.5 years as an analyst on that desk.
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Sberbank printed $1bn of subordinated debt at a price that three syndicate managers away from the deal called "very aggressive". But after being priced at par, the note was trading at 99.75-100 on Wednesday morning, indicating that the leads were right to push it. -
Russian Agricultural Bank took its July 2018 senior bonds to $1.3bn with a $500m increase on Tuesday, and priced the deal with a decent concession after attracting new buyers into the tap.
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Gazprom opened books on a seven year benchmark euro transaction on Wednesday morning. Bankers on the deal felt the starting concession was a modest 10bp-15bp, but those off the deal argued the issuer had started with a more generous pick-up.
