CEE Bonds
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Deutsche Pfandbriefbank launched its first green bond this week, attracting twice as much demand as it needed for its €500m senior print. -
Emerging markets issuers across CEEMEA and Latin America once again triumphed in primary bond markets this week, with several sovereigns and corporates notching record low costs of funding. But there are signs that the direction of US rates is playing on investors’ minds, write Mariam Meskin and Oliver West.
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Gazprom, the Russian state oil and gas company, this week sold a dollar bond amid growing concerns about US sanctions on the controversial Nord Stream 2 pipeline project, a wholly-owned subsidiary of Gazprom.
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A double-digit spread over mid-swaps is still possible in covered bonds from Poland, Slovakia and Dutch conditional pass-though deals, suggesting scope for performance is strongest in these markets, said bankers on Wednesday.
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Turkey raised approximately a third of its total financing requirements for the year on Tuesday in a single bond issue. Though the deal included a new issue premium, market participants were impressed with the borrower's execution.
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Deutsche Pfandbriefbank could take advantage of a quiet backdrop in the euro FIG market to launch the first deal from its green bond framework.
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Sovcombank, one of Russia's largest private banks, this week raised its debut social bond — still a rare format among emerging markets borrowers in the Europe, Middle East and Africa region. The bond follows an ESG loan the bank raised just weeks ago.
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Turkey and Bahrain took to primary markets to raise bond funding on Tuesday. But the appearance of two high yield credits has not driven unqualified enthusiasm for all borrowers in that asset class.
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Junk-rated emerging market sovereigns Benin and Oman sold bonds this week, with market participants saying their new issue premiums were minimal. However, bankers think total activity across CEEMEA over the last two weeks has been “underwhelming”.
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