Latvia
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Central and eastern European sovereign bond issuers can more and more rely on rates investors to come into their bond deals. But many of these borrowers are still handled by investment banks’ emerging market teams. So when is an issuer SSA rather than EM?
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The Republic of Latvia sold its €650m 1.375% 20 year bond on Tuesday — a deal that attracted $2bn of orders. -
Latvia was speaking to investors on Monday in an effort to arrange its first bond of the year, a long dated euro-denominated note that will be sold almost entirely to rates — rather than emerging markets — buyers, according to leads.
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Latvia on Tuesday sold €550m 0.5% December 2020s from a book of €1.6bn, in conjunction with a buyback of its old dollar debt, switching out some of its traditional EM investor base for new rates buyers.
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Latvia has named its banks to arrange a euro-denominated new issue and manage a concurrent tender offer for the country’s 2020s and 2021s.
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The Republic of Latvia sold its €500m 10 year bond on Wednesday attracting a €800m book and a new SSA investor base.
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The Republic of Latvia sold its €500m 10 year bond on Wednesday attracting a €800m book and a new SSA investor base.
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The Republic of Latvia has released initial price guidance at 40bp area over mid-swaps for its new 10 year euro denominated bond, representing only a 20bp new issue premium, but a doubling of the sovereign’s secondary spreads, according to bankers away from the note.
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The Republic of Latvia has mandated DNB, HSBC and Natixis to arrange a 10 year euro denominated benchmark bond, its first since the start of ECB sovereign bond buying.
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Latvenergo, a state-owned Latvian electricity company, opened books on a sub-benchmark sized green bond on Wednesday morning — its first ever international bond deal and Latvia's first green bond.
