CEE Bonds

Russian potash producer Uralkali has chosen four bookrunners for a bond deal, said debt bankers. But the company’s recent announcement that it will leave a joint venture with Belarusian Potash Company has caused sharp losses across the fertiliser sector in both bond and equity markets. Any prospective deal will have to wait until after the fallout has cleared.

Russian potash producer Uralkali has chosen four bookrunners for a bond deal, said debt bankers. But the company’s recent announcement that it will leave a joint venture with Belarusian Potash Company has caused sharp losses across the fertilizer sector in both bond and equity markets. Any prospective deal will have to wait until after the fallout has cleared.

The International Islamic Liquidity Management Corp will this month issue $490m of sukuk commercial paper — the first of its kind in the Islamic market — after more than 2-1/2 years of work on the project.

Promsvyazbank has launched a $1bn euro commercial paper programme, joining a host of other Russian issuers that have entered the market over the past 18 months. But with institutional investors shunning Russian ECP, demand for the bank’s paper will be limited, said dealers.

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.