Most recent/Bond comments/Ad
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The Romanian economy is struggling to get out of recession
The syndication is among the Dutch development bank's largest in the region and attracted Middle East lenders
Takeover will increase the Hungarian bank's total assets by around 13%
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Lebanon, Ukraine and Poland shrugged off the Thanksgiving holiday this week that typically marks the start of the end of the year for new issuance to print $3.5bn of bonds. The late rush of emerging market issuance is forcing syndicate bankers to reassess their plans for the final part of the year with investors so willing to continue autumn’s emerging market bond bonanza.
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The Republic of Poland priced a €750m tap of its €1.75bn 3.375% July 2024 bond on Monday afternoon, after books hit €1.1bn in a bookbuild lasting less than 90 minutes. The deal is Poland’s fourth pre-funding exercise so far this year.
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Fitch upgraded Turkey’s credit rating to investment grade on Monday but it may be a while before the country sheds its classification as an emerging market borrower. Moody’s and Standard & Poor’s now hold the key to the country’s investment grade ambitions, said bankers.
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Poland priced a five year Samurai bond on Friday morning, Tokyo time, with the final size of the bond almost doubling the initial minimum target. The deal was also accompanied with a 15 year tranche, in response to a reverse inquiry made during the bookbuilding process.
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Poland’s upcoming Samurai bond is expected to top ¥50bn ($627.09m) in size while the bookbuild process has been extended for a second time in order to capitalise on strong demand from investors. The deal is proving so popular that a second tranche of the deal in a different maturity is now a distinct possibility.
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Romania priced a seven year bond on Wednesday, capitalising on a strong euro curve to price what is expected to be its last bond of the year. The deal was more than three times oversubscribed with a £4.7bn book. Meanwhile Serbia and Latvia have mandated banks for deals.