CEE Bonds

Political protests in Turkey should hold no fear for supporters of Islamic finance in the country. The hard work has been done and the product looks set for a big future.

Slovenska izvozna in razvojna banka (SID) is tendering up to €200m in government guaranteed bonds in an offer that closes on Friday.

Russia is likely to wait until autumn before bringing its mandated sovereign bond, said analysts. Forcing through a $7bn bond in one deal might also be unwise, but demand is deep and the sovereign could spread its funding plan out across separate transactions, said bankers.

The CEEMEA bond market found some stability this week after brutal selling in the secondary market. Syndicate bankers are hoping that relative value arguments will stop the selling pressure. But outflows are still mounting and another sharp correction could be just around the corner, analysts warned.

Russia is likely to wait until autumn before bringing its mandated sovereign bond, said analysts. Forcing through a $7bn bond in one deal might also be unwise, but demand is deep and the sovereign could spread its funding plan out across separate transactions, said bankers.

The CEEMEA bond market was stable on Wednesday after a brutal day’s trading on Tuesday. Syndicate bankers are hoping that relative value arguments will stop the selling pressure, but another sharp correction could be just around the corner, analysts warned.

Slovenska izvozna in razvojna banka (SID) is tendering up to €200m in government guaranteed bonds in an offer that closes on Friday.

Political protests in Turkey last week and uncertainty over US Treasury rate rises hammered the country in the capital markets. But it has strong fundamentals and has held up well in the circumstances, said analysts. Turkish borrowers are by no means barred from the bond market.

Albaraka Turk’s sukuk this week has been hailed by officials close to the deal as a landmark transaction for the capital markets, as the first murabaha tier two sold to international investors.

Investors sided with the Republic of Slovenia against Moody’s this week, supporting a dual tranche dollar deal on Thursday at tighter prices than at a failed launch a couple of days earlier — just before a two-notch downgrade by the agency.

Albaraka Turk, the Turkish banking unit of Bahrain-based Albaraka, defied doubters on Monday afternoon when it priced its debut sukuk at 7.75%, at the tight end of previous guidance. The $200m murabaha attracted as much as $400m of orders.

Albaraka Turk, the Turkish banking unit of Bahrain-based Albaraka, has launched its debut sukuk at 7.75%, at the tight end of previous guidance. The $200m murabaha deal is expected to be priced on Monday.