Central and Eastern Europe (CEE)
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Hungarian gas and oil company MOL has extended part of an existing €555m revolving credit facility by one year, in what is one of the few sparks of activity in the country's syndicated loan market so far this year. -
Ukraine’s GDP warrants are trading around a cash price of 85. That is way below JP Morgan's view that fair value is closer to 135. No matter the new, surprisingly positive GDP growth forecasts and enthusiasm for the country’s new leadership, from the trading numbers it seems clear that investors do not believe they will get their money from Ukraine.
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Russia's largest producer of anthracite coal, Siberian Anthracite, is expected to complete a loan refinancing in September. The deal will see Sibanthracite switch its existing loan facility from dollars to euros, as bankers offer a number of reasons for the switch, including preventative protection from sanctions and the elimination of operational delays.
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Investors’ fears were realised on Thursday when the Turkish central bank lowered its key policy rate by 425bp. Analysts joined them in saying that the move will provoke a return of inflation, damage the lira and complicate loan pricing.
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Ukraine’s government bonds rallied ferociously this week after a decisive victory for president Volodymyr Zelensky’s Servant of the People party in Sunday’s parliamentary elections. As the end of the week approached, investors started to question how much further the buying could run and what the fate of the country’s GDP warrants will be.
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Investors’ fears were confirmed on Thursday when the Turkish central bank lowered its key policy rate by 425bp. Analysts joined them in saying that the move will provoke a return of inflation and damage the lira.
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Air Baltic, an airline 80% owned by the Latvian government, printed its €200m five year non-call three debut bond on Tuesday from an order book of €300m.
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Turkey’s bonds have put up an incredible display of resilience to geopolitical shocks so far, but investors fear that an aggressive cut to the main policy rate will cause inflation to return and puncture confidence in the country’s economy.
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Air Baltic, an airline owned by the Latvian government, has released initial price guidance for its €200m five year non-call three debut bond at 6.75%-7%.
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Czech energy distributor EP Infrastructure came to market on Tuesday morning for a seven year Reg S benchmark — its second ever bond. The bond had been announced on Monday as a dual tranche six year and 10 year.
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CPI Property Group printed a Reg S tap of its $350m 4.75% March 2023s on Monday, but some chopping and changing over the size during execution had some rival syndicate managers expressing consternation.
