CEE Bonds

Hungary's Export Import Bank is still taking orders for the €400m dual tranche euro deal that it opened last week and released an official announcement on Monday showing guidance unchanged.

All four of last week’s CEEMEA transactions were trading above par in the secondary market on Monday. Successful prints and strong secondary performances show the market is still conducive to prospective issues from Eskom and First Bank of Nigeria, which are eyeing dollar deals.

The International Islamic Liquidity Management Corp has attracted criticism for delays in getting its programme of short dated sukuk underway. But IILM’s project must not be rushed if it is to achieve the success the Islamic market badly needs.

Russian Agricultural Bank (RAB) priced a $750m five year senior bond late on Thursday. The issuer had been waiting since the end of the May for better market conditions, and in the end was rewarded with a larger deal and minimal new issue premium.

Tinkoff Credit Systems (TCS) will wait for a calmer backdrop before considering a third round of Euro-commercial paper this year, a funding official told EuroWeek, after the issuer navigated choppy conditions to make its second visit to the market earlier this month.

Ukrainian agricultural firm Agroton is asking bondholders for permission to amend the terms of a $50m 2014 bond after missing the most recent coupon payment. A bail-in of Cypriot bank depositors that formed part of the rescue of that country's banking system left the company unable to withdraw the funds it needed from its sole cash account with the Bank of Cyprus.

Gazprom priced a successful €900m five year deal on Wednesday morning that some bankers reckon came tighter than where the issuer could fund in dollars.

Tinkoff Credit Systems (TCS) will wait for a calmer backdrop before considering a third round of euro commercial paper this year, a funding official has told EuroWeek Emerging Markets, after the issuer navigated choppy conditions to make its second visit to the market earlier this month.

Russian potash firm Uralkali has opened talks with DCM and loans bankers as the firm looks ahead to its 2014 financing.

Hungary’s Export-Import Bank has picked banks for a euro benchmark deal, which will come with a guarantee from the World Bank’s Multilateral Investment Guarantee Agency (MIGA), said bankers involved in the sale.

Lower volatility in the euro bond market than in its dollar counterpart is prompting some bankers to look at possibilities for CEEMEA borrowers in the common currency.

A slump in sterling on Thursday afternoon made the currency even less attractive for CEEMEA and left Gazprom, which had mandated banks for a sterling transaction, on the sidelines. It is flexible on currency and has no desire to launch into a weak market.