Central and Eastern Europe (CEE)
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The two IPOs under way in Prague are both garnering good interest in investor education, bankers said this week. Both companies seeking to float, GE Money Bank and EP Infrastructure, are solid, high quality assets, and the Czech economy is seen as stable and attractive. -
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Despite Argentina soaking up $16.5bn of demand, other emerging market issuers also recorded high levels of oversubscription this week, suggesting EM is awash with cash and ideal conditions for the healthy pipeline of issuers due next week.
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Hungarian oil and gas company MOL Group rode the coattails of investor demand for European high yield corporates on Thursday to print a €750m seven year below 3%.
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Books reached $8bn for VimpelCom’s holdco note on Wednesday, with the level of support for the deal impressing the lead managers.
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State-owned Georgian Oil & Gas Company crunched pricing from guidance on Tuesday to print a $250m five year bond with a 7% yield.
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Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, has mandated three banks for its debut euro bond — a deal that has been expected since 2014.
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VimpelCom was on track to print a dual tranche structurally subordinated note on Wednesday with books over $4bn.
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State owned Georgian Oil & Gas Corporation has released initial price thoughts for its dollar bond, which a lead manager estimated offered around a 50bp new issue premium.
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Georgian Oil & Gas Corporation has moved a step closer to issuing its first bond since 2012, setting the tenor at five years.
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Though Russian president Vladimir Putin said on Thursday that he does not see Western sanctions being lifted in the near future, strength in the country's debt and the emerging markets more broadly still prompted two Russian bonds from non-sanctioned issuers to be printed this week and a third to announce a roadshow.
