Central and Eastern Europe (CEE)
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Romania will sell a euro denominated bond on Wednesday, its second offering this year and its fourth of the last 12 months. -
Turkey was, yet again, at the fore of market participants’ minds on Tuesday. As inflation spikes, the country has indicated its intention to encourage more borrowing following a debt issuance spree in June.
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Equity capital markets are bracing for an influx of Russian IPOs in the autumn, following a slight easing of tensions between the US and Russia. However, not only is the threat of further sanctions still present, but Russian IPO candidates will also be heading into an increasingly crowded and difficult market, writes Aidan Gregory.
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The possible flotation of a Russian hospitals group is being billed as a revival of the country’s IPO market, with more deals to follow. Bankers pointed to the recent US-Russian summit in Switzerland as cause for optimism but investors should remain as sceptical as they appear to be about the rest of the IPO market.
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Bulgarian animal healthcare company Huvepharma has become the latest casualty in an IPO market oversaturated with supply.
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Turkey, Cameroon and Latvia all entered international bond markets on Wednesday. Investors said the sovereigns are rushing to secure funding while conditions are still positive, amid the anticipation of rate rises.
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United Medical Group, the Russian healthcare company, has launched an IPO on the Moscow Exchange, which is expected to raise more than $500m, according to a source close to the transaction.
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Several FIG issuers across CEEMEA entered bond markets to raise cash this week. Meanwhile, the pipeline for bank issuance is strong as issuers take advantage of attractive market conditions to bolster reserves.
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Anadolu Efes, the Turkish brewer, returned to the market this week to issue a new bond and launch a tender for its dollar debt. Investors say it is one of the more attractive credits from the country, despite domestic economic volatility.
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Gazprom ended a three year absence from the Swiss franc market this week by attracting a large amount of retail participation in a Sfr600m ($653.4m) deal that launched at an attractive spread.
