Central and Eastern Europe (CEE)
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Telenor sold $1.5bn of shares in VimpelCom, the Russian telecoms company, this week, in a combined equity placing and exchangeable bond that were well received, despite the Uzbek bribery scandal that engulfed both companies last year.
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The Republic of Lithuania made fools of market doubters on Thursday, slapping down a long end euro trade with its lowest spread in a decade and a bigger than expected size of €450m. The deal sets a strong tone for the three known CEE sovereigns in the pipeline. -
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The IMF’s approval of a long-awaited disbursement of funds to Ukraine could help set the stage for an unguaranteed sovereign bond issue, local bankers said on Thursday.
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Global Ports became the first issuer to test demand for Russian assets for more than two months on Thursday with the release of pricing for a new seven year dollar deal.
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Russia’s EuroChem will sign a five year loan imminently. The refinancing sees the fertiliser producer aiming for tighter margins than its last post-sanctions loan, said two bankers close to the deal.
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Lithuania was on track to print a tightly priced reopening of its 2035s on Thursday morning with bankers estimating a 4bp–13bp premium at initial price thoughts.
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Poland’s mBank will hit the road next week for its first euro senior deal since November 2014. The bank did plan a roadshow for a euro bond in 2015 but decided not to go ahead with the meetings as the issuer did not like the levels available, according to an EM banker.
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In this round-up, China is keen to expand FTZ sphere, yield differential continues to narrow between offshore and onshore bonds, and London reiterates desire to promote RMB internationalisation. Plus, a recap of our coverage this week.
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Lithuania is lining up its first trade of 2016 and has picked two banks to lead a tap of its euro 2.125% 2035s.
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A strong pipeline is building in CEEMEA but after last week’s mini-tantrum, EM bankers are dealing with a shift in investor attitudes which will likely impact pricing as investors demand juicier levels from upcoming issuers.
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Global Ports added on Tuesday a seven year bond to the pipeline of Russian borrowers set to bring deals this month, which already includes private bank Otkritie and commercial real estate company O1 Properties.
