CEE Bonds
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The United Kingdom is right to lean on Turkey for advice in placing its inaugural sukuk issue. Turkey’s experience in tapping the Islamic market was hard won and is valuable to new sovereign issuers. But the UK should prepare to pay the favour forward even if keeping its own counsel might allow it to command tighter pricing by keeping sovereign sukuk supply scarce. -
Market conditions remained favourable for CEEMEA issuance on Monday following Friday’s strong US non-farm payrolls number but potential deals were thin on the ground, bankers said.
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UniCredit Bank Czech Republic and Slovakia has issued the first benchmark-sized euro covered bond backed by Czech mortgages. The €800m five year hypoteční zástavní listy transaction was preplaced in the local market with a diversified group of investors.
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Global co-ordinator, Deutsche Bank opened books on Uranium One’s dollar debut on Wednesday following the conclusion of a six-day global roadshow.
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Granvia, a project company that has built and now operates two stretches of highway in Slovakia, launched a €1.24bn bond on Friday November 22 to refinance the bank debt used for its construction.
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Commerzbank's Polish subsidiary, the recently-rebranded mBank, is looking to issue a Swiss franc deal in the first quarter of 2014, EuroWeek understands. It also plans to sell more private placements in the new year.
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VGP, a Belgian property company that develops industrial parks in central and eastern Europe, issued its second retail bond in the Belgian market last week.
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VGP, a Belgian property company that develops industrial parks in central and eastern Europe, issued its second retail bond in the Belgian market last week.
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The International Islamic Liquidity Management Corporation (IILM) has issued its second $490m short term dollar sukuk.
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Slovenia raised €1.5bn with a private placement to a single investor last week, which has led other investors to consider the sovereign, but some bankers still expect the country to seek help from the EU and the IMF.
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Hungary, Croatia and Serbia took advantage of strong market conditions to pick up sizeable chunks of dollar pre-funding for 2014 at tight spreads this week.
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Granvia, a company that operates part of the R1 expressway in Slovakia, is set to price a bond of about €1.25bn on Friday, after starting to take indications of interest on Tuesday morning.
