Central and Eastern Europe (CEE)
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Beset by dire predictions and gloomy warnings from all sides as to the future of emerging markets, CEEMEA borrowers decided to ignore the melodrama and produce the second biggest week for issuance of the entire year.
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Banks on Tuesday settled credit default swaps referencing the Republic of Ukraine at 80.625, the highest recovery on a sovereign credit event auction since they began in 2005.
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Eastern Europe is generally viewed by credit investors as one of the safer segments of the increasingly shaky emerging markets asset class. But the aggressive presence of Russia poses risks, as its neighbours know all too well.
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Hrvatska Elektroprivreda (Hep) picked banks for a dollar bond and kicked off an exchange offer on its 2017 notes on Wednesday.
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Gazprom has ratcheted in price guidance for its euro denominated benchmark, as it looks to print the second Russian corporate bond this week after a drought that started in November 2014. -
The Republic of Poland printed an impressive €1.75bn six year bond on Wednesday with a skinny new issue premium, adding to the pile of successful CEEMEA bonds printed this week.
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Poland has released price guidance for a six year euro benchmark at a level which bankers away from the deal said offers a reasonable new issue premium.
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Norilsk Nickel restarted CEEMEA supply and proved investors are willing to buy Russian risk in large size and longer tenors with a $1bn seven year note on Tuesday, which drew praise even from rival debt bankers.
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The Black Sea Trade and Development Bank has sold the first bond from its EMTN programme after responding to demand for its name in Romanian leu.
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Banks on Tuesday settled credit default swaps referencing the Republic of Ukraine at 80.625, the highest recovery on a sovereign credit event auction since they began in 2005.
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Norilsk Nickel opened books on a seven year benchmark bond on Tuesday morning, which should help answer a key question on the minds of bankers and prospective borrowers — just what do Russian corporates have to pay to come to market?
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A credit event auction on Tuesday for swaps referencing the Republic of Ukraine will be the fastest that has ever been put together in the history of the derivatives contract, lawyers have said.
