CEE Bonds
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Russian steelmaker Evraz was back with a $400m tap of its two-tranche April Eurobond on Thursday. With the total size now at $2bn, the deal equals mobile phone operator Vimpelcom’s issue last month as the largest yet from a speculative grade Russian issuer.
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Technikabank, Azerbaijan’s fourth largest bank by assets, started roadshows this week for its debut Reg S 144A Eurobond issue. The deal, if successful, will be the first public dollar issue from an Azeri borrower.
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Market participants hope new bond issuance from Russia will ease the gridlock which has gripped emerging markets debt over the last two weeks.
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The unease about US subprime mortgage debt deepened this week and edged further into the emerging markets, forcing price-sensitive borrowers to abandon deals while the daring or desperate forged ahead with expensive prints.
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For the second week running, less well-known names from the emerging markets were the toast of the new issue party this week, successfully printing deals few others dared to.