CEE Bonds
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Slovenia raised €1.5bn with a private placement to a single investor on November 15, but bankers still expect the country to seek help from the EU and the IMF.
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Hopes are high that a sprinkling of dollar deals could brighten SSA bankers’ last six weeks of the year, with the International Finance Corporation, the Kingdom of Sweden and the Republic of Poland among those tipped to print.
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International Bank of Azerbaijan and Mashreq Bank returned to the Eurobond market this week and bankers expect them both to be more active in 2014.
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International Bank of Azerbaijan’s return last week to the Eurobond market and its announcement of capital injections may lead to a reappraisal of its Ba3/—/BB rating, according to a banker on the deal.
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Gazprombank offered CEEMEA borrowers definitive proof that euros can offer tighter pricing than the dollar market this week, writes Steven Gilmore. The bank sold a €1bn five year bond at a level that bankers on and off the deal unanimously agreed was more advantageous than what the issuer could have achieved in dollars. The result gives added ammunition to syndicate officials arguing that Turkish and Middle Eastern issuers should be doing the same. -
Russian mining firm Norilsk Nickel priced a $1bn seven year bond flat to its own curve late last week, attracting over $6.7bn of orders amid a surge in risk appetite after a temporary solution was found to the US debt ceiling problem. But perfect timing and a weak Norilsk curve means other issuers are unlikely to be able to cast off new issue concessions, said debt bankers.
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Vneshprombank has picked bookrunners for its first international bond issue and will begin investor meetings later this month ahead of a Reg S dollar transaction.
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Gazprombank offered CEEMEA borrowers definitive proof that euros can offer tighter pricing than the dollar market this week. The bank sold a €1bn five year bond at a level that bankers on and off the deal unanimously agreed was more advantageous than what the issuer could have achieved in dollars.
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VTB Bank priced a new long four year Swiss franc bond on Tuesday, tightening pricing from initial guidance and securing good arbitrage against its cost of funding in dollars.
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Gazprombank started execution on its first euro benchmark on Wednesday morning. While the main purpose of the five year deal is to broaden the bank's investor base, bankers on and off the deal said that tight pricing could allow it to finish flat or even inside where it could fund in dollars.
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Vneshprombank has picked banks for its first international bond deal, and begins investor meetings later this month ahead of a Reg S dollar transaction.
