Central and Eastern Europe (CEE)
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The short term risk of Grexit might have receded, but nothing really looks solved. In nearly every currency union in history, once a sovereign joins a currency, it doesn't leave — except for the Pope.
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Slovenia’s development bank, SID Banka, increased priced its first deal in five years on Tuesday, raising the deal size from a planned €250m.
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Russian fertiliser producer UralChem is in the market for a syndicated loan led by Natixis, according to a banker looking at the deal. -
Georgia fertiliser firm, Rustavi Azot has postponed its $180m five year non-call three bond, having released initial price guidance for the deal a week ago.
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CEEMEA supply is stumbling, with the week’s tally at one deal priced and one deal pulled. But Latin American offers hope of more fresh paper, with Mexican, Brazilian and Caribbean corporates all readying deals.
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Renaissance Capital has hired James Friel as global head of investment banking.
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Slovenia’s development bank, SID Banka, opened books on a €250m three year deal on Tuesday morning.
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Georgian firm Rustavi Azot has held price guidance for its $180m five year non-call three notes at 12.5%-13% and is expecting to price the deal later on Monday.
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The announcement of a partnership between the China Financial Futures Exchange (CFFEX) and Moscow Exchange (Moex) on July 15 comes on the back of rapid growth in RMB usage for trade and investment in Russia. And closer ties are on the cards now that infrastructure is being put into place to make Moscow an RMB hub, Riccardo Orcel, deputy CEO of VTB Group, told GlobalRMB.
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Private equity firm Pamplona has completed the syndication of a €217m debt facility to buy Budapest-headquartered Partner in Pet Food (PPF).
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Slovenia gave CEEMEA the privilege of producing the first post-Greek agreement Eurozone sovereign deal this week. Pricing with only a single digit new issue premium and a pack of investment grade accounts in the book proved the sovereign is increasingly leaving its EM roots behind. But the success will still raise hopes among CEEMEA governments looking for duration.
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