LONDON, April 7 (Reuters) - Emerging debt has rebounded from
depths hit during the financial crisis, paving the way for
increased sovereign debt issuance, particularly in frontier
markets.
After tripling to 900 bps in the wake of the collapse of
U.S. financial giant Lehman Brothers in late 2008, emerging
sovereign debt spreads are trading at around 230 basis points
over U.S. Treasuries <11EMJ>, their narrowest levels since
end-2007.
Many benchmark sovereign bond yields are back at pre-crisis
levels, or lower.
Following is a summary of proposed international bonds from
sovereign and quasi-sovereign borrowers in central and eastern
Europe and the Middle East.
----------------- CENTRAL, EASTERN EUROPE---------------------
---------------------ALBANIA------------------------------------
ALBANIA - Albania plans to issue a debut Eurobond of 300
million euros in May to finance part of a syndicated loan and
fund other projects, officials said. []
-------------------- AZERBAIJAN---------------------------------
AZERBAIJAN - Azerbaijan plans to issue a Eurobond for a
couple of hundred million dollars, the country's deputy economic
development minister said on Dec 8. []
--------------------- BELARUS-----------------------------------
BELARUS - Belarus has picked banks to organise a debut
Eurobond issue of at least $500 million. The former Soviet
republic has said it wants to raise $2 billion in international
debt over a number of years. []
---------------------- CZECH REPUBLIC -------------------------
CZECH REPUBLIC - The Czech Republic may issue a Eurobond in
April-May of at least 1 billion euros with a 10-15 year
maturity, the finance minister said on April 20. []
-------------------- KAZAKHSTAN---------------------------------
KAZAKHSTAN - Kazakhstan will borrow at $500-$700 million on
international markets in the second half of this year, finance
minister Bolat Zhamishev said. []
--------------------- LATVIA ----------------------------------
LATVIA - Latvia is ready to return to international capital
markets for the first time in two years but will wait for
interest rates to fall further, its finance minister said on
March 11. []
------------------- LITHUANIA ---------------------------------
LITHUANIA - Lithuania sold a $2 billion 10-year global bond
in February, its biggest ever sovereign bond. []
--------------------- POLAND ----------------------------------
POLAND - Poland may issue around $1 billion in dollar bonds
in April and place yen-denominated paper in the first half of
the year, its deputy finance minister said on March 29.
[]
The country sold a 3 billion euro bond in January.
[]
--------------------- ROMANIA-----------------------------------
ROMANIA - Romania sold a one billion-euro bond in March 11,
its first outing onto the market since the financial crisis.
[]
---------------------- RUSSIA ----------------------------------
RUSSIA - Russia will roadshow its first Eurobond in over a
decade in April with the first placement likely to be $3-5
billion, with 10- and 30-year maturities being considered.
[]
Finance Minister Alexei Kudrin said the country does not
plan to place Eurobonds worth the full $17.8 billion provided
for in this year's budget.
RUSSIAN RAILWAYS - Russian Railways sold a debut $1.5
billion Eurobond in March. []
------------------------MIDDLE EAST----------------------------
---------------------------DUBAI--------------------------------
DEWA - Dubai's state-owned utility Dewa said on March 10 a
$1.5 billion bond would not be guaranteed by the government. The
firm is meeting with prospective investors from April 6 and will
be the first borrower from the emirate since Dubai World
announced its restructuring in November. []
------------------------- IRAN---------------------------------
IRAN - Iran's state energy sector sold bonds worth some 100
million euros on March 10, part of a planned 1 billion euro
offering, oil ministry website SHANA said. []
------------------------- ISRAEL--------------------------------
ISRAEL - Israel returned to the European debt market for the
first time in nearly five years in March, selling its largest
ever international debt offering at 1.5 billion euros.
[]
------------------------- LEBANON ------------------------------
LEBANON - Lebanon sold a $1.2 billion 10-year Eurobond in
March, attracting bids three times the size of the issue.
[]
----------------------- MOROCCO --------------------------------
MOROCCO - Morocco plans to issue a Eurobond in 2010,
probably in euros, the country's finance minister told Reuters
on Nov 9. []
(for ANALYSIS on emerging market corporate debt, see
[])
(for FACTBOX on African bond issuance, see [])
(Compiled by Sebastian Tong and Carolyn Cohn; editing by John
Stonestreet)
