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A double digit premium to the dollar curve lured in overseas buyers, who took a 'large chunk' of the bonds
Investors have lots of cash and are eager for new issuance
Investors are keen for new bonds and better rated borrowers may not want to issue in numbers
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TBC Bank, Georgia’s largest bank by assets, loans and deposits, has set the size for its debut dollar bond at $300m and order books for the deal are already well over that amount. -
OP Corporate Bank offered sold a senior non-preferred bond in euros on Wednesday, the whose success of which surprised market participants with its pricing and demand of more than three times the deal size. Oberbank also went to market with a senior preferred bond that did not attract as much demand.
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GeoProMining printed its $200m five year bond on Wednesday and a banker on the deal said the success of the note was a further sign of how much more comfortable investors have grown with Russia credit.
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The Republic of Lithuania has set spreads on its 10 year and 30 year euro bonds having crunched 10bp from initial guidance.
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If the date of one major capital markets event in Russia is anything to go by, the locals have given up on attracting US investors all together.
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A wide array of emerging market borrowers have taken advantage of supportive market conditions to bring deals this week and more are lining up trades for next week making this one of the busiest fortnights for new issuance of the year. With few jumbo deals among them, investors are enjoying the variety.
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