CEE Bonds
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Bank St Petersburg is planning to print a smaller than hoped for $100m-$200m tier two bond this afternoon with pricing unlikely to change from guidance — a result that mirrors the outcome for its last subordinated deal exactly a year ago.
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Bank St Petersburg (BSP) opened books on its first tier two Basel III-compliant bond on Monday. The transaction follows difficult tier two deals from peers Russian Agricultural Bank and Home Credit and Finance Bank last week. But borrowers have ample incentive to push on with capital raising despite an uncertain market, said debt bankers. -
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Pension fund reform in Poland could support local investor demand for corporate bonds, said analysts, but some issuers have preferred to sell bonds in foreign markets as the benefits from the changes are weighed.
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Slovakia’s largest electricity distributor, Západoslovenská Energetika (ZSE), made its bond market debut this week with a dual tranche euro deal. The borrower originally intended to sell the bond over two days and turn to the private placement for additional funding. But a strong response from buyers provided faster than expected execution and allowed ZSE to take the full €630m it wanted from the public market.
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Hungarian Development Bank priced its first ever dollar bond this week, printing a well received $750m seven year deal. The transaction offered a 110bp premium over the government curve, and as the Hungarian sovereign is holding off on issuance until next year the deal also offered buyers a valuable slice of sovereign risk.
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Hungarian Development Bank opened books on a 144A dollar deal on Thursday morning, and approached investors with price thoughts for a seven year bond expected to be up to $500m.
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FWU Group has closed the first $20m tranche of a $100m sukuk al wakala programme, with an oversubscribed order book.
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The sukuk market returned to form this week, sweeping US shutdown concerns aside with two popular and tightly priced benchmark dollar deals.
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Gazprom has mandated banks to arrange investor meetings in Switzerland ahead of what could be the issuer’s second ever trade in Swiss francs, returning to the market four years after its debut.
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Turkey has given initial price thoughts of 325bp over mid-swaps area for its return to the international sukuk market.
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The first ever bond backed by the World Bank’s Multilateral Investment Guarantee Agency (Miga) has aroused keen interest across developing economies after shaving hundreds of basis points off pricing for Hungary’s Export-Import Bank, writes Steven Gilmore.
