Central and Eastern Europe (CEE)
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Hungarian Eximbank is syndicating a $600m-equivalent loan with a tight margin, bankers said, after oil and gas firm MOL secured a tightly priced deal last month. -
Macedonia returned to the bond market on Tuesday to finally print a €450m seven year bond after a challenge to the legality of the issue forced a postponement of the deal when leads opened books on July 14.
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Balkan telecoms provider United Group on Tuesday sold a €150m tap to fund the purchase of smaller peer companies in the former Yugoslavia.
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The Republic of Macedonia delayed its Eurobond sale on Thursday after a political opponent to the government challenged the legality of the issue.
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State-owned Bulgarian Energy Holding will meet investors next week for its first Eurobond for three years. BEH has mandated JP Morgan and Banca Imi to arrange the meetings, which run from July 18-22.
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Two block trades by UniCredit this week, totalling €1.08bn, offered further confirmation that the equity capital market is functioning well, and that there is ample demand for good European stocks, including from US long-only investors.
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UniCredit’s new CEO, Jean-Pierre Mustier, has sent strong signals to the market this week that he will be determined about reshaping the bank, which by last week had lost 75% of its market value in the past year.
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Croatia’s Zagrebački Holding completed a buy-back of nearly half of its outstanding Eurobonds on Thursday.
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Macedonia was on track to price the first euro-denominated bond from CEEMEA since the UK referendum on June 23 on Thursday morning.
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UniCredit used similar tactics on its accelerated bookbuild sale of 10% of Bank Pekao on Tuesday night to those it had used for Monday’s sale of FinecoBank — and achieved a similar result: multiple times oversubscription, led by one very large anchor order.
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Bank of Georgia is targeting a seven year bond, with the roadshow for the deal finishing on Wednesday.
