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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Romania built a book of €3.8bn on Tuesday for its €1.5bn 10 year bond, and printed the deal inside its own dollar curve. But Romania paid a higher new issue premium than usual for its deal, indicating investor caution after the sell-off in emerging market bonds last week.
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Turkish consumer products company Yasar Holdings is embarking on a roadshow with Barclays and Citi. Investor meetings for the deal start in London on Friday and take place in the US on Monday, Tuesday and Wednesday.
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The European Bank for Reconstruction and Development has agreed a €50m loan to Türkiye Sınai Kalkınma Bankası, the EBRD’s first credit line under its Sustainable Resource Initiative (SRI).
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Turkish Development Bank Türkiye Sınai Kalkınma Bankası printed its $350m bond at 380bp over mid-swaps on Tuesday, ratcheting in pricing 20bp inside initial price talk and building a $1.3bn book. But leads estimated that the note still needed to pay a double digit new issue premium as investors remained cautious after last week’s volatile market.
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Lithuania has released initial price thoughts for a €1bn 12 year bond at 115bp over mid-swaps, offering a 25bp new issue premium, in line with the pick-up offered at the same stage by Romania on Tuesday. Bankers away from the deal said that they expect 10bp-15bp of tightening before the deal prints.
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Gazprom's announcement on Tuesday that it could seek a listing in Hong Kong made it the latest Russian firm to pursue an Asian listing in part to solve liquidity issues in the wake of sanctions. While the Asian market is still too nascent to solve Russian companies' big funding troubles, developing relationships with investors could be a valuable long-term strategy, bankers said.
