It has been an extraordinary week in the CEEMEA new issue market where barely any deal was printed without a huge order book and a flat or negative new issue premium.
Turkey lender TSKB printed its $400m five year senior bond on Wednesday inside its own curve.
Transition bonds are likely to be a key part of the development of a sustainable economy in central and eastern Europe, delegates said at the Euromoney Central and Eastern European Forum in Vienna this week.
Latin America’s rising star Paraguay took advantage of low sovereign issuance from the region so far this year to tap existing 30 year bonds with a negative new issue concession, according to debt capital markets bankers.
Brazilian media group and broadcast TV company Globo Comunicação e Participações will likely price a new 10 year bond on Thursday after setting initial price thoughts on Wednesday.
Emerging markets telecommunications firm Veon, formerly Vimpelcom, printed a $300m tap of its $700m 4% April 2025s on Wednesday from a book of more than $1bn and paying a new issue premium of only 5bp, according to a syndicate official on the tap.
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Multilateral development banks (MDBs) are increasingly moving into local currency funding. Now medium-term note (MTN) dealers need to dust off their EM currency investor Rolodexes, as this shift offers a much-needed business opportunity for them.
Ex-Goldman's Weber joins Middle East boutique — Giancarlo turns up at Federal Housing Finance Agency — Ferdane takes over coverage job at BNP Paribas
Martin Weber, a former managing director at Goldman Sachs, has joined a boutique emerging markets-focused investment bank in Dubai.
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 5.04 | 17 | 9.50% |
| 2 | Goldman Sachs | 4.35 | 12 | 8.21% |
| 3 | BofA Securities | 3.85 | 10 | 7.26% |
| 4 | HSBC | 3.61 | 32 | 6.82% |
| 5 | Credit Suisse | 2.46 | 19 | 4.63% |
Southern Eastern European telecoms group United Group, a BC Partners and KKR portfolio company, is preparing an all-bond financing package for its takeover of Bulgaria’s Vivacom, marketing new senior secured bonds and an add-on to its existing 2025 PIK notes.
Qatar Islamic Bank (QIB) will print the region’s first Formosa sukuk on Monday, as Gulf issuers step up their use of increasingly attractive Asian debt markets.
State-owned airline Dubai Aviation Corporation, known as flydubai, has refinanced its debut sukuk into a term loan — a rare win this year for the loan market, which has declined while attractive issuance conditions boost DCM volumes.
The World Bank made its first visit to the Rwandan franc market last week, place what Dealogic indicates is the first deal in the currency since 2015.
The Republic of Chile has mandated banks to arrange its second euro green bond offering, as well as launching a tender offer of outstanding euro debt.
A research paper published on Monday by the Bank for International Settlements sets out how grave the peril of climate change is. It asserts the necessity of central banks grasping this problem as central to their responsibilities — but also admits that they will be unable to “preserve financial stability in the age of climate change”.
GC Asia
