Central and Eastern Europe (CEE)
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Kernel, a Ukrainian agricultural producer, hit the market on Thursday with a five year non-call three bond and raised $300m with a trade that bankers said was tricky to price. -
Kernel, a Ukrainian agricultural producer, hit the market on Thursday with a five year non-call three year. In spite of fears around Ukraine’s future relationship with the IMF, the leads have set initial price thoughts at a level onlookers are calling “aggressive”.
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Equity bankers and investors are hot on Russia and a block on Wednesday night in PIK Group, the country’s largest real estate firm, served as a further example of the remarkable recovery of Russian ECM.
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US president Donald Trump’s salvo of tweets against Turkey, which threaten economic sanctions, have had only a muted effect on the Turkish curve, as investors' scepticism towards Trump grows.
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Russian potash producer Uralkali is going on the road for five year dollar paper, returning to the international market for the first time in six years.
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Nordgold and Veon Holdings both printed bonds on Wednesday. But a difficult market backdrop forced Veon to print at a smaller size than expected and at a wide end of revised guidance. The execution of Nordgold’s bond seemed smoother, but investors said it was struggling to stay above reoffer on Thursday morning.
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Lenders have allowed a cut to Turkish bank margins in their latest refinancing round, according to people familiar with the matter, as the lira recovers from its 2018 crash and the local regulator becomes tougher on bad loans.
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Swiss investors’ thirst for yield was quenched in some style at the end of last week, when Russian Railways printed the largest Swiss franc transaction of the year from an emerging market borrower.
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Ukrainian steel and mining company Metinvest sold a dual tranche dollar and euro bond on Tuesday, but an inability to tighten from initial price guidance and poor trading in the secondary market on Wednesday had some investors worried that the perfect window for EM issuance is closing.
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A pair of CEE corporates, Veon Holdings and NordGold, released initial price guidance for bonds on Tuesday, both offering paper after a break from international issuance.
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Globalworth Real Estate Investments, the London-listed real estate investment trust focused on commercial properties in Romania and Poland, is preparing to raise up to €276.45m of fresh equity to finance its bulging pipeline of acquisitions.
