Croatia
-
Scarcity value helps CEE sovereign garner large demand for a 10 year deal
-
The country aims to raise €1.5bn in funding on international debt markets this year
-
Investors are buying everything put in front of them, said one banker
-
Croatia is a rare EM credit without any major problems, said investors
-
-
Parent's operations in Russia make this a trickier deal than other CEE banks, said one observer
-
US inflation-driven rates volatility spoils rally, unsettles investors
-
Euro market does not offer the size or duration it used to
-
Lithuania also considering returning to the US as the euro market struggles
-
Bankers hope successful CEE issues will encourage more bond deals from the region
-
-
Hopes rise that EM primary bond market is coming back to life
-
South Africa brings long awaited dollar offering as Croatia mandates banks
-
Serbia and Croatia issued euro-denominated bonds this week. Market participants said the deals showed there was strong appetite for the right kind of sovereign credits.
-
Croatia was set to price a bond in euros on Thursday, following two other EM sovereign issuances in the currency this week.
-
Serbia entered the bond market on Wednesday to sell a bond in euros, after entering both dollar and euro markets last year. Fellow Balkan sovereign issuer Croatia is expected to follow it, tapping investors as early as Thursday.
-
The Baltic covered bond market is expected to take another stride forward with the advent of Latvia’s draft law, which currently is being debated in parliament. At the same time, the European Bank for Reconstruction and Development (EBRD) has been working closely with the Bulgarian, Croatian and Ukrainian authorities to help develop the basis for their own covered bond laws.
-
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.
-
Croatia’s Uljanik Plovidba has hammered out a loan refinancing that includes “significant” debt relief, throwing a lifeline to the cash-strapped ship builder.
-
Croatia’s Sunce Koncern has signed a €73m club loan from mostly domestic lenders, as the tourism company restructures its entire balance sheet.
-
-
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.
-
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.
-
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.
-
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.
-
The Republic of Croatia is embarking on a roadshow to market its longest euro denominated Reg S bond.
-
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.
-
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.
-
Agrokor has signed a new €400m facility with Knighthead Capital Management and Zagrebačka banka, UniCredit’s Croatian subsidiary, to enable it to keep operating.
-
Struggling Croatian food conglomerate Agrokor wants fresh financing from its biggest lender Sberbank, adding to its existing €1bn debt with the bank and said it is close to a new loan from other banks.
-
Troubled Croatian supermarket group Agrokor, now under the control of a government-appointed commissioner, has filed an action in a Zagreb court to lift a clause in the employment contracts of its previous senior management that shields them from the costs of legal action against the company.
-
Nova Ljubljanska Banka, Slovenia's largest bank, has sold its entire 13.1% stake in Istrabenz, the conglomerate, ahead of NLB's long awaited reprivatisation, according to a regulatory filing on Monday.
-
Agrokor, the troubled Croatian food conglomerate, has posted a breakdown of its debt, three days after Standard & Poor's downgraded it from CC to selective default.
-
Agrokor, the debt-ridden Croatian food conglomerate, has posted a breakdown of its debt, three days after Standard & Poor's downgraded it from CC to Selective Default.
-
Crisis-hit Croatian conglomerate Agrokor will not go bust, the country’s central bank governor insisted in an interview with GlobalMarkets as he said the debacle highlighted the risks of firms building up bad balance sheets.
-
Creditors of Agrokor have until June 9 to submit claims for repayment to the government-appointed bankruptcy commissioner Ante Ramljak, the company said on Monday.
-
Agrokor’s largest creditors, VTB Bank and Sberbank, have made provisions for losses on the loans they have provided to the struggling Croatian food company.
-
The Croatian financial services supervisory agency, Hanfa, has suspended trading in the shares of eight of Agrokor’s subsidiaries until it appoints a new auditor to look over its 2016 accounts.
-
Croatian oil company Industrija Nafte, INA, has managed to prolong a $300m revolving credit facility by a year despite the default of the country’s largest private company, Agrokor.
-
The Croatian government-appointed extraordinary commissioner for troubled supermarket group Agrokor called on group subsidiaries to convene general assemblies to appoint new auditors as it said that it found "potential errors” in the group's 2016 accounts.
-
AlixPartners, the restructuring adviser, has been chosen by the government’s appointed commissioner, Ante Ramljak, for the restructuring of the debt-ridden Croatian food company Agrokor, according to a statement from the company.
-
The Social Democratic Party of Croatia filed a motion in parliament on Thursday to depose the minister of finance, Zdravko Marić, alleging a conflict of interest with decisions related to the defaulting food company Agrokor, Croatia's largest private company.
-
Agrokor’s biggest creditor Sberbank has refused to be part of its additional funding, initially set for up to €150m, not long after it lost control of the restructuring.
-
The Croatian government has followed up on its new law, designed to handle Agrokor’s debt crisis, by appointing an “emergency management commissioner” and overriding plans for the restructuring drawn up by creditors.
-
Croatia’s parliament passed an emergency law on Thursday to deal with the default crisis at Agrokor, the sprawling food and agriculture group that is the country's largest private company.
-
Even as South Africa and Halkbank prove that idiosyncratic risks are ever present in in emerging market bonds, conditions remain beyond syndicate bankers wildest dreams. That is good news for the bulging pipeline.
-
Sberbank has shed some light on Agrokor’s dire debt situation saying that the company’s creditors have come to a standstill agreement.