Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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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%
Issuer has the country's longest tier two curve
The sovereign has finished international funding for 2026
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Tich Mabikacheche has left Barclays EM DCM team after 2.5 years as an analyst on that desk.
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Sberbank printed $1bn of subordinated debt at a price that three syndicate managers away from the deal called "very aggressive". But after being priced at par, the note was trading at 99.75-100 on Wednesday morning, indicating that the leads were right to push it. -
Russian Agricultural Bank took its July 2018 senior bonds to $1.3bn with a $500m increase on Tuesday, and priced the deal with a decent concession after attracting new buyers into the tap.
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Gazprom opened books on a seven year benchmark euro transaction on Wednesday morning. Bankers on the deal felt the starting concession was a modest 10bp-15bp, but those off the deal argued the issuer had started with a more generous pick-up.
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Russian issuers have finally returned to the market this year, with both Sberbank and Russian Agricultural Bank printing dollar bonds this week. RAB's $500m deal is a tap of its outstanding $800m 2018s, while Sberbank's note is a $1bn 10 year non call five tier two bond, printed under the Central Bank of Russia’s clarified writedown language for Basel III compliant debt.
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Sberbank has released price guidance of 5.625% for a 10 year non call five subordinated deal that bankers away from the deal are calling a “fair” level. But market participants on and off the deal say that the clarification of point of non-viability language has made little difference to the pricing of the bond.
