Central and Eastern Europe (CEE)
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Many international banks have yet to hear from Intesa Sanpaolo, more than a month after it announced plans to syndicate its €5.2bn loan to Qatar Investment Authority and Glencore for the takeover of a 19.5% stake in Rosneft, the Russian oil company. -
Three more IPOs reached successful conclusions on Tuesday and Wednesday, including the largest in Poland for over two years.
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Norilsk Nickel printed a new six year bond 15bp inside its curve on Wednesday, but the volume of orders that dropped from the order book from the order book suggested that not all were happy with the pricing.
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Even as South Africa and Halkbank prove that idiosyncratic risks are ever present in in emerging market bonds, conditions remain beyond syndicate bankers wildest dreams. That is good news for the bulging pipeline.
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ONGC Videsh (OVL), the overseas investment arm of Indian state-owned ONGC, has selected three banks for a $500m term loan to replace a bridge from last year. The oil firm is also raising funds in yen, and has picked two Japanese lenders for the financing, said a source.
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Turkish bank refinancing activity has ramped up, with Ziraat Bank signing its $1bn syndicated loan on Monday after Yapi Kredi sent out a request for proposals (RFP) at the end of last week.
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Russian borrowers are wasting no time in dealing with the $7.29bn of corporate bonds about to come due. After a record $2.8bn poured into the asset class last week, it is easy to see why borrowers view this as the time to tap the market.
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With bankers grappling for Russian deals, Credit Bank of Moscow has come out on top, signing an oversubscribed $500m syndicated loan on Monday.
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Sovcomflot reopened its 2023 bond on Monday as Norilsk Nickel looks to extend its dollar curve by a year.
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Sberbank has shed some light on Agrokor’s dire debt situation saying that the company’s creditors have come to a standstill agreement.
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Renminbi’s share of international payments rises slightly in February, Liaoning free trade zone (FTZ) allows foreign investors to build renminbi pool, and the Chinese president Xi Jinping to meet with his US counterpart for the first time. Plus a recap of this week’s coverage.
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