JP Morgan
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The euro market was treated to its first 10 year corporate deals in more than a month on Thursday, with Irish food producer Kerry and French utility Suez Environnement opening books. -
Poland reopened the CEEMEA bond market this week after investors in search of safe havens pushed central Eastern European sovereign spreads tighter. Uncertainty over the timing of a US rate hike has left buyers wary of more typical EM names and left CEE sovereigns among the select few that could avoid paying heightened premiums.
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Talk of Russian issuers’ bond plans has been gathering pace this week as Gazprom has mandated for a bond to be printed before the end of this year, sanctioned VEB looks to 2016 for a Panda bond, and Norilsk Nickel embarks on a series of investor meetings.
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Bankers are pointing to sovereigns from central Eastern Europe as the best hope for CEEMEA supply although much of the region is bound by the uncertainty of when the US will start to raise rates.
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European Investment Bank has added further evidence of the euro market’s growing strength over dollars — but its deal was still at the lower end of Earn size expectations despite a decent new issue premium.
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Portugal attracted more than €5.5bn of demand for the first syndicated deal from a peripheral sovereign since mid-June on Wednesday.
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Cigarette maker Philip Morris flagged off pre-deal investor education for an up to Rph26.70tr ($1.92bn) follow-on transaction in its Indonesian subsidiary HM Sampoerna on September 2, with the process set to run for two weeks.
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Poland made sure CEEMEA was not left out of the September restart rush on Wednesday, but more traditional emerging markets are likely to be left sidelined until after the US Federal Reserve decides to raise interest rates, said debt bankers.
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Gazprom is planning to issue a Eurobond in the last quarter of this year, and has been in preliminary discussions for a size of €500m-€700m for the deal, according to a source with knowledge of the company’s plans.
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The European Investment Bank has lined up a euro benchmark that SSA bankers are praying will add to a strong €5bn deal from KfW last week — but the supranational is unlikely to aim for the same size as its German peer.
