Montenegro
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The sovereign tightened 50bp from IPTs to land closer to Serbia than bankers had expected -
Fair value for the debut currency is in the mid-7% yield area
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Southeastern Europe's Montenegro sold a euro bond on Wednesday which bankers say, especially because of its timing, is simply another sign of emerging market issuers being enticed by the strong credit conditions on offer.
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Emerging market bond mandates are continuing into the last month of the year, despite expectations that activity would quieten down after a jam-packed year of issuance. Kuwait’s Burgan Bank and Montenegro are among some of the CEEMEA issuers seeking to take advantage of unfalteringly attractive credit conditions.
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Montenegro came to market on Thursday for its first ever 10 year bond. Demand for the euro deal proved strong enough for the issuer to raise €500m and allowed the leads to set the yield roughly flat to fair value.
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The Republic of Kazakhstan and the State of Montenegro have mandated for the first euro bonds from the CEEMEA region since the market re-opened in September.
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Montenegro followed Egypt to the euro bond market this week, offering investors another chance to take on single-B risk in the currency.
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Czech investment fund PPF Group has kicked off the syndication of a €3.025bn loan, which it is using to fund the acquisition of Norwegian telecoms group Telenor’s central and eastern European operations.
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Czech investment fund PPF is in the market to syndicate a €3.025bn loan to fund the acquisition of Norwegian telecoms group Telenor’s central eastern European business. The loan is split into two term loans and a revolving credit facility.
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The State of Montenegro locked down €300m towards the refinancing of the €390m of Eurobonds it has maturing in April on Thursday, but was unable to crunch pricing tighter inside initial guidance released earlier in the day.
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Montenegro has released initial price thoughts for a five year euro denominated bond at 6% area, offering around a 50bp new issue premium, according to a banker away from the deal.
