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Private placements are not unknown for CEE sovereigns, but this is the biggest for years
Market participants have highlighted drop in Uzbek bond volumes this year
Uzbek issuance has fallen to near zero after a busy few years
Bookbuilding slower than normal due to the restart of war between the US and Iran
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United Biscuits’ £725m ($948.23m) loan is being split into two term loans and a revolving credit facility with pricing linked to the company’s leverage, according to a banker on the deal.
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Albaraka Turk, Turkey’s first participation, or Islamic, bank, kicked off the syndication of a $100m murabaha facility on Tuesday.
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Ukraine is understood to have picked banks for its first Eurobond since 2013, and following a massive rally of the sovereign’s bonds, its reception in the market is expected to be strong.
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The dry spell is over for investors in emerging market debt with several mandates hitting the screens on Tuesday. The first trades will be eagerly watched as a barometer for new issue premiums after a summer that has seen escalating geopolitical tensions and further questions about the direction of travel of both the European Central Bank and the US Federal Reserve.
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Emerging market bonds remain set for a busy September as weak US data pushed dulled expectations of Federal Reserve rate hikes, outweighing escalating tensions between the US and Korea, and the Kenyan Supreme Court's decision to annul the result of the August 8 election.
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UniCredit syndicated a loan it underwrote for Hungarian communications company Invitel in January to five banks last week.