Macedonia
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Market moves accounted for most of the difference in yields between the second attempt at a bond issue and the first
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Higher pricing down to market, not issuer, says lead manager
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The issuer should be able to return to the primary market by the time of a €450m maturity in July
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'CEE premium' but proximity to the EU attracts US investors
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A 25bp sell-off in US Treasuries did little to deter new CEEMEA issuers from preparing new bonds
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North Macedonia launched a new bond in euros on Wednesday, following deals last week from fellow central and eastern European sovereigns issuers, Serbia and Croatia.
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European emerging market names have bulked up deal flow during the Covid-19 crisis and The Republic of North Macedonia continued that trend on Wednesday with a six year euro benchmark deal.
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Macedonia on Thursday set final terms for a €500m seven year bond at 3%, the tight end of price guidance at 3.125% area, with books over €3.5bn.
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Macedonia has set final terms for its first international bond in over a year, with books for the deal hitting over €3.5bn
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Republic of Macedonia has named three banks to arrange investor meetings for a combined buyback and new euro-denominated bond as the Southeast European sovereign looks to extend its maturity profile.
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Central Asia Metals, the Aim-listed owner of a copper mine in Kazakhstan, priced a £137.4m ($153.5m) capital increase and secondary share sale on Friday, to partly finance its acquisition of Lynx Resources for $402.5m.
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CEE borrowers were upbeat at Euromoney’s Central and Eastern European Forum 2017 in Vienna this week, with several sovereigns revealing funding plans for the year.
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Macedonia returned to the bond market on Tuesday to finally print a €450m seven year bond after a challenge to the legality of the issue forced a postponement of the deal when leads opened books on July 14.
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The Republic of Macedonia delayed its Eurobond sale on Thursday after a political opponent to the government challenged the legality of the issue.
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Macedonia was on track to price the first euro-denominated bond from CEEMEA since the UK referendum on June 23 on Thursday morning.
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Support from US fund managers helped Macedonia price a new sub-benchmark euro-denominated deal comfortably inside initial price thoughts on Tuesday despite rising geopolitical risk.
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A spate of mandates hit CEEMEA this week, with Macedonia and Cameroon joining two Middle East banks in announcing new deals.
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The Republic of Macedonia has mandated Citi, Deutsche Bank and Erste Group to arrange a euro denominated bond.