CEE Bonds
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Naftogaz announced on Monday that it was coming to market for a six year dollar benchmark — its first of the year. The initial price thoughts indicated a substantial cheapening since its last trip to the bond market in November 2019. -
The Baltic covered bond market is expected to take another stride forward with the advent of Latvia’s draft law, which currently is being debated in parliament. At the same time, the European Bank for Reconstruction and Development (EBRD) has been working closely with the Bulgarian, Croatian and Ukrainian authorities to help develop the basis for their own covered bond laws.
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Two CEEMEA issuers mandated banks to arrange investor calls on Monday, although bond issuance volumes are expected to wane in coming weeks.
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Kazakhstan’s state-owned oil company KazMunayGas raised a dollar bond on Wednesday, after what some investors described as a lengthy roadshow. KMG is the latest in a string of Kazakh borrowers that have come to capital markets over the last year to raise funding as investors develop an appetite for the central Asian country.
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The Republic of Turkey on Tuesday raised a five year dollar bond that priced slightly outside of some fair value estimations. However, despite a series of negative events in recent months, including currency depreciation, investors are still keen on getting stuck into Turkish debt, investors say.
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Central and Eastern Europe had never been better prepared for a crisis than when Covid-19 hit, and the region’s governments faced few obstacles in ramping up external bond issuance this year. But there is uncertainty regarding what EU funding will mean for CEE volumes
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Fears of another spike in coronavirus cases are dampening optimism that Central and Eastern European economies would charge out of recovery. But a strong starting position and the EU’s huge support packages mean the region is better placed than most
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The Republic of Turkey hit screens on Tuesday with a dollar bond issue, which took some investors by surprise. Though Turkey may have had a rocky few months with credit downgrades and currency depreciation, the bond is expected to be received well by investors.
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Three emerging market issuers in CEEMEA mandated for trades on Monday, as market insiders said issuers are scrambling to make the most of issuance opportunities before investors take their foot off the gas.
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A former director in Garanti BBVA's funding department has moved to rival lender Akbank to oversee international funding.
