Central and Eastern Europe (CEE)
-
Russian borrowers are hitting the loan market early this year, as they push for tighter margins and looser covenants as volumes shrink. Norilsk Nickel, the nickel and palladium producer, is refinancing an existing $2.5bn facility, which bankers say will have tighter margins than the original deal that boasted the slimmest margins of any Russian syndicated loan in 2017. But not all lenders are as willing to concede to the Russians, writes Mariam Meskin. -
The risk that huge amounts of oil and gas assets will be stranded by moves to tackle the climate emergency may be more pertinent for sovereign credit than for private sector corporate debt, according to new research.
-
Romania sold €1.4bn 2% 2032s and €1.6bn 3.375% 2050s on Tuesday, managing to get away half of the country’s €6bn funding target for 2020 in one swoop.
-
Ukraine printed its €1.25bn 10 year bond on Wednesday so far inside its own curve that its outstanding euro bonds moved 20bp tighter and its dollar bonds 10bp-15bp tighter. The deal drew a €7bn book.
-
Credit Bank of Moscow sold its $600m five year bond “flat to the curve” on Wednesday, according to a syndicate official on the deal.
-
Novolipetsk Steel, one of Russia’s largest steel producers, has amended an existing loan to include sustainability-linked pricing. The deal is the latest in a string of green financings in the country.
-
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.
-
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.
-
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.
-
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.
-
