Central and Eastern Europe (CEE)
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Akbank has made a bullish return to the international syndicated loan market, going beyond its usual one year tenor refinancing, despite the difficulties Turkish borrowers have had recently in obtaining longer dated loans. But the deal confirms that pricing levels have changed markedly in the past six months, said bankers. -
Russian gold producer Polyus Gold earned praise from its lead managers for not over-tightening pricing on a new bond on Tuesday after the poor performance of an aggressive deal from compatriot Rusal last week.
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Even with much of Asia inactive due to the Chinese New Year holiday, emerging market bonds seemed a more nervous market this week with only one issuer braving a deal.
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Tonight’s hail of block trades includes, besides the Lonza and Zoopla deals, at least two other transactions.
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Russia’s Siberian Coal Energy Company (SUEK) has drawn high interest from banks as it becomes one of the first borrowers this year from the country to open talks for a loan.
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A loan backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food is attracting strong interest, according to bankers involved, with a meeting in Bucharest on Tuesday to discuss the deal heavily attended.
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Polyus Gold, Russia's largest gold producer, showed little regard for leaving something on the table for investors on Wednesday as it screwed pricing in for its new six year note. But investors will support the trade regardless, said emerging markets bankers.
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Pehart Tec Group, a Romanian tissue paper manufacturer, has agreed a €24m syndicated loan with three banks.
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Turkey found itself firmly in junk territory on Friday after it lost its last investment grade rating from Fitch, but the issuer’s CDS has tightened in response and as Turkey’s blowout trade on January 18 attests, it always has the capability to fund.
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Rating downgrades on Friday for Turkey sovereign debt have not dented the appetite of the country’s banks to borrow, with two firms said to be joining Akbank in pursuing loans.
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Agribusiness Kernel proved the right credit to bring Ukrainian corporates in from the bond market on Tuesday. After a rough ride of corporate restructurings, the inaugural issuer was able to garner the confidence and trust of investors to raise $500m.
