Czech Republic
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It was all about the crossover trade this week in emerging market bonds. Borrowers located in EM countries, but appealing to buyers of western European credit and rates products have left EM funds have little to play with in the primary markets -
After several weeks of discussions with investors Ceska Telekomunikacni Infrastruktura (CETIN) finally hit the screens with a new bond on Tuesday – though it had to sweeten the deal with a coupon step-up – and had pulled in over €1.4bn of orders by mid-morning.
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Emerging markets bond bankers were keeping upbeat on Thursday about the prospects for further issuance from CEEMEA this year, despite the failure of one of the few deals in the pipeline to emerge as expected.
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Ceská telekomunikacní infrastruktura (CETIN) is planning to issue a five year bond, the second issuer to test the new period of volatility following the election of Donald Trump as US president.
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Emerging market borrowers are facing higher borrowing costs as the end of the year approaches. A slim pipeline of deals is expected despite forecasts of muted demand and outflows from the asset class.
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The bounce in international equities since the election of Donald Trump as US president has led, as widely expected by market participants, to a wave of block trades this week, some of which were covered very quickly.
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The bounce in international equities since the election of Donald Trump as US president was widely expected by market participants to lead to a round of block trades as sellers looked to take advantage of the favourable conditions.
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Ceská telekomunikacní infrastruktura (CETIN) added to the trickle of EM bonds expected before year end on Monday and met investors this week for a euro denominated bond. The BBB rated issuer is hoping to benefit from demand from both EM and high grade corporate accounts.
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GE Capital has completed the first sell-down of shares in Moneta Money Bank, the Czech commercial lender, since its Ck20bn (€739m) Prague IPO in May.
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The European Central Bank’s corporate sector purchase programme will distort CEE corporate bond prices, said bankers this week. And while issuers have so far been slow to react in bringing new deals to market, two CEE corporates printed successful euro denominated bonds this week.
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Czech Railways printed its €400m seven year bond on Wednesday attracting buyers looking for a pick-up over tightly trading western European corporate debt.
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