Croatia
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The European Central Bank will begin supervising financial institutions in Bulgaria and Croatia from October 1, as the two countries prepare to join the euro. Firms entering the Banking Union for the first time will also fall under the Single Resolution Board’s remit for the minimum requirements for own funds and eligible liabilities (MREL). -
The Republic of Croatia launched its €1.5bn 10 year bond on Wednesday afternoon in London from a book of €6.4bn at a level 7bp inside of fair value, according to a lead manager on the note.
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Croatia’s Uljanik Plovidba has hammered out a loan refinancing that includes “significant” debt relief, throwing a lifeline to the cash-strapped ship builder.
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Croatia’s Sunce Koncern has signed a €73m club loan from mostly domestic lenders, as the tourism company restructures its entire balance sheet.
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The Republic of Croatia pulled pricing for its €750m 2.7% 2028 bond 30bp tighter than initial price guidance on Wednesday, bringing the reoffer spread nearly flat to the outstanding curve.
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The Republic of Croatia released initial price guidance for a 10 year bond on Wednesday morning and books for the deal are already in excess of €1.3bn.
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Croatia lengthened its euro curve this week with a €1.275bn long 12 year bond, drawing in a book of more than €3bn for the deal.
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Croatia has tightened price guidance for its long 12 year bond and has an order book of over €3bn for the deal, which could be up to €1.275bn.
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The Republic of Croatia is embarking on a roadshow to market its longest euro denominated Reg S bond.
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Moody's expects Agrokor's creditors to recover at the low end of the 35% to 65% range on average, and that unsecured bondholders will get less than 35% of what they are owed.
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Agrokor, the troubled Croatian food company, has announced that over 20 lenders have agreed to provide €320m of new funds by the end of this week.
