Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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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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Eustream has released price guidance for a €500m no-grow 10 year bond at 220bp area over mid-swaps. The deal is expected to be priced later on Thursday.
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Russia's privately owned bank Promsvyazbank has launched a cash tender for its subordinated $200m 11.75% 2016s, its senior $400m 8.5% 2017s and its subordinated $600m 10.20% 2019s. The move is a show of strength from the bank as well as a routine management of the bank’s own liquidity and capital, said a liability management specialist on the note.
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Turkey's Halkbank priced its new $500m six year bond with a 2bp-3pb new issue premium on Wednesday but the underlying swap rate had rallied 10bp throughout the day meaning that the nominal premium was perhaps more attractive than it otherwise would have been.
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Rusal’s hopes of obtaining a loan from international banks this year look set to face a steep uphill challenge. Chief executive officer Vladislav Soloviev was quoted this week as saying that the Russian aluminium producer might seek to refinance loans from Russian state banks with international lenders to get a better rate, but several loans officials at banks in Europe believe this is unlikely. -
Three block trades are in the market, as secondary placement activity remains busy. The most exotic of the trades is for Sergey Galitsky, founder of the Russian retailer Magnit, who is selling up to 1m shares in the business – apparently to finance improvements to the stadium at his football team, FC Krasnodar.
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A 367 day loan? Could that have been designed to tick a regulatory box? Of course it could. But don’t scoff — banks have always gone right up to the line of compliance — and they always will.
