Central and Eastern Europe (CEE)
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Luminor Bank attracted strong demand for its debut covered bond on Wednesday, the first under Estonia’s legal framework and the first from the Baltic region. Despite a negative reoffer yield, it attracted a higher subscription ratio than any other five year euro benchmark issued this year. -
GTLK Europe, an air and sea vehicle lessor, has priced a seven year unsecured bond — its longest dated deal to date. It paid a premium to investors, but won praise for steering the transaction through a market that had recently been shuttered due to Covid-19 chaos.
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Luminor Bank is expected to issue its debut covered bond after successfully concluding a roadshow this week. The deal will be the first Baltic covered bond under the Estonian legal framework.
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GTLK Europe, an aircraft and ship lessor, was offering a healthy new issue premium for a benchmark seven year bond in dollars on Tuesday, with the Covid-19 outbreak still casting a shadow over global financial markets.
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Syngenta, the Swiss agrichemicals company, on Tuesday sold its first Swiss franc bond since being acquired by China National Chemical Corp (ChemChina) in 2017. But other mandated deals hang in the balance as the Covid-19 coronavirus spreads across Europe.
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The Republic of Belarus will roadshow a dollar and euro dual trancher next week, but made it clear in the mandate announcement that there may be a wait before the bond is printed.
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Yandex, the Russian internet company, reopened the equity-linked bond primary market in EMEA after more than a month without any new issues, with a $1.25bn five year convertible bond. The deal was priced at the midpoint of the terms, suggesting healthy demand.
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Russian Railways is embarking on a roadshow to market the first ever green Swiss franc bond from Russia, even as fears of the spread of the Covid-19 coronavirus continue to infect EM bond trading.
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Russian nickel and palladium producer Norilsk Nickel has refinanced an existing facility and in the process has increased the size of the deal and shaved the margins. According to bank lenders, the deal is one of many expected to enter the market by Russian borrowers seeking to obtain more attractive terms amid a drought in activity.
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Two large Moscow listings moved closer to launch this week, a boost for Russian equity investors who have not seen any large IPO activity since the Detsky Mir listing in 2017.
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Sibur, the Russian petrochemicals company, is unlikely to go public in 2020 because of unfavourable macroeconomic conditions, its CFO tells GlobalCapital.
