Central and Eastern Europe (CEE)
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Severstal, the steelmaker, reopened the Russian convertible bond market on Tuesday, with what bankers on the deal said was the first issue since 2013. -
In this round-up, South Korea RMB deposits picked up, while Macau and Taiwan saw a slight contraction, BRICS NDB approved its first loans, Chinese and Russian regulators are expanding their co-operation agreements, and Euronext started providing market data directly to onshore investors in China. Plus, a recap of GlobalRMB's top stories this week.
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Among the four smallish equity block trades launched in Europe on Tuesday afternoon, after a strong day for stocks, was an important trade in Romgaz, the Romanian state-controlled gas company.
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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.
