Central and Eastern Europe (CEE)
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Renaissance Financial Holdings is looking to extend its maturity profile with a five year non-call two note via an exchange offer. -
Georgian Oil & Gas Corporation (GOGC) is preparing ground to issue the first Eurobond from Georgia since 2013 and is simultaneously offering to buy back for cash its existing July 2017s.
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Russian container terminal operator Global Ports Investments has mandated six banks for its debut Eurobond and is embarking on a roadshow for the deal. The last time a debut issuer from the country tapped the bond markets was in 2013.
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Poland has returned to the dollar market after its ratings downgrade and, in printing with the lowest new issue premium for a dollar CEEMEA sovereign bond this year, has knocked out any lingering concerns about appetite for its debt.
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Russian software firm, Kaspersky Lab, is refinancing a credit facility with international banks and reducing the margin despite many Russian borrowers paying more for their loans.
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As Belarus received a $500m credit line from the Eurasian Fund for Stabilisation and Development (EFSD) this week, loans bankers said they are not leaping forward to arrange a loan for the sovereign. But Russian banks were still active in the country.
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Poland has released price guidance for its first international dollar bond since its tumultuous January euro print.
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The only spot of new bond activity in the CEEMEA market so far in this week was Poland’s first dollar deal of the year, but there was plenty of loans market activity in the region to keep bankers occupied.
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Poland is considering a Panda bond issue, and is hoping to meet investors in China in the second quarter of this year for the deal, according to a source in Poland’s Ministry of Finance.
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Russian mining firm Metalloinvest has closed a $400m pre-export finance facility (PXF), with two banks coordinating. But the bank list and pricing have not been disclosed, leaving uncertainty over the wider lending appetite for the deal and sector.
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Russia is making preparations to sell an offshore renminbi bond, its debut in the currency and the government’s first international bond since 2013. But with sanctions still in place and renminbi liquidity limited in Russia, the sovereign is planning to ask China to relax one of its outbound investment schemes so that mainland investors can buy the deal.
