Central and Eastern Europe (CEE)
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Ukraine’s ViOil has returned to the market for an $80m loan, with the cooking oil company managing to stretch the tenor of its bank debt from one to three years. -
Akbank has been defiant in the face of claims from pockets of the loan market that its latest deal will not gain enough traction to fully refinance the loan it is replacing, claiming that a 100% rollover is still a possibility.
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Investors’ eyes are on the Middle East this week as a slew of borrowers bring Sukuk trades to market, but while hopes are high for successful deals, a Turkish central bank rate decision looms large in investors’ minds.
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Most rated Turkish corporates can handle their refinancing needs over the next 12-18 months, according to Moody’s. This is despite anecdotal evidence from bankers about deteriorating loan metrics in the country.
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Akbank’s revised lender-friendly terms on its syndicated loan looks like it will be enough to secure a decent deal, though some bankers considering the trade say the issue runs far deeper than risk adjusted pricing.
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The Nordic high yield market has started to price several top rated euro deals that were initially planned to roadshow before the summer break. This time, demand and coupons suggest this could be a better window for the issuers.
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Latvia has completed its 2018 funding programme with a €350m dual tranche deal, picking up the rest of the cash it was unable to raise in May.
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China has made little headway in persuading the Russian government and Russian institutions into using the renminbi, as the fate of a sovereign bond in the currency remains uncertain and trading of RMB products stalls. But market participants are not giving up just yet, with a new trading platform set to launch next year, writes Paolo Danese.
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Czech company Atrium European Real Estate has hit the market with a deal first roadshowed in June, raising €300m with a seven year.
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There was little in the way of emerging market bond issuance this week to set the tone for the usually busy month of September. Although mBank raised €500m of four year money, CEE-focused Atrium European Real Estate had yet to appear with a deal that had been planned for Thursday.
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