Central and Eastern Europe (CEE)
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After a three month hiatus, an attempted coup and a sovereign downgrade, Turkish credit is back in the market with three bank trades and two mandates this week alone. But while the sovereign printed a successful $1.5bn last Friday, investor fatigue is translating into lacklustre trades, even though premiums are up. -
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The supply of Russian bank paper looked set to continue as three more lenders lined up for dollar deals.
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Strong demand from domestic investors helped Polyus Gold price a new dollar deal inside its existing curve on Wednesday, as reports circulated of imminent supply from a pair of Russian corporate giants.
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Poland cemented its position as one of CEE’s most nimble and savvy issuers on Tuesday by printing a 30 year euro deal — only the second ever from a non-Eurozone sovereign — in an opportunistic trade.
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Polish banks will be anxious to follow PKO Bank Hipoteczny which on Monday enjoyed a superb reception for its euro benchmark covered bond — the first from the country. Bill Thornhill reports.
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Strong demand from domestic Russian investors helped Polyus Gold price a new dollar deal inside its existing curve on Wednesday.
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Turkiye Vakiflar Bankasi (Vakifbank) added to the recent flood of Turkish supply on Thursday, emerging with initial price thoughts for a new five year dollar bond.
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Alfa-Bank is marketing the first ever fully Basel III compliant additional tier one (AT1) trade from Russia and will begin investor meetings on Monday.
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Turk Eximbank became the third Turkish borrower to tap the dollar market in less than a week on Tuesday, raising $500m of seven year funding.
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Polyus Gold emerged with pricing for a long five year dollar bond on Wednesday morning as reports circulated of imminent supply from a pair of big Russian corporates.
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The CEEMEA bond market exploded into life this week in what will be one of the busiest of the year. Saudi Arabia is leading the action with its much-anticipated bond but Turkey made an impressive comeback with four of its banks in the market following Friday’s sovereign trade. Further supply from Poland, Russia, the Middle East and Africa is adding plenty of diversity for investors.
