Central and Eastern Europe (CEE)
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Ukraine set price guidance on a 10 year euro bond on Wednesday morning and books for the deal had grown to over €4.5bn by lunchtime. -
Three CEE banks have announced new bond issues this week. Armenia's Ardshinbank has printed a $300m five year bond, Credit Bank of Moscow has initial price guidance out on a dollar five year benchmark and Sovcombank, another Russian bank, has released plans for a roadshow.
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Two CEEMEA sovereigns are taking the plunge this week — the Kingdom of Saudi Arabia with a triple tranche dollar benchmark and Romania with a dual tranche euro bond.
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Norilsk Nickel, the Russian nickel and palladium producer, is refinancing an existing $2.5bn facility. According to bankers, the new deal will have tighter margins than the original deal, which boasted the slimmest margins of any Russian syndicated loan in 2017. Some bankers are calling this the busiest January they have seen for years in the Russian market.
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Southern Eastern European telecoms group United Group, a BC Partners and KKR portfolio company, is preparing an all-bond financing package for its takeover of Bulgaria’s Vivacom, marketing new senior secured bonds and an add-on to its existing 2025 PIK notes.
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An Estonian covered bond could soon be due in the market after Moody’s rated Luminor Bank’s programme this week — the first to be structured under the country’s newly established law. The rating comes after the European Central Bank granted Luminor a license to issue covered bonds in December.
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Transition bonds are likely to be a key part of the development of a sustainable economy in central and eastern Europe, delegates said at the Euromoney Central and Eastern European Forum in Vienna this week. While investors are keen to put money to work in the region, government support is still needed.
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Private capital in central and eastern Europe is gaining traction after a decade of diminished enthusiasm from international investors. Local firms continue to dominate the region's private equity and direct lending markets, but some international players are eyeing them again, while others remain cautious.
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Turkey lender TSKB printed its $400m five year senior bond on Wednesday inside its own curve. The sale drew a $3.9bn book, allowing a big tightening from initial guidance to pricing. Following the clear success of the deal, other Turkish banks are expected to follow, starting with Isbank which was straight in with its own subordinated bond on Thursday.
