LONDON, July 12 (Reuters) - Central European states Poland
and Croatia issued Eurobonds last week, marking a reopening of
sovereign Eurobond markets after several issuers shelved deals
following the global market sell-off in May.
Emerging market sovereign spreads are steady at 315 basis
points over U.S. Treasuries <11EMJ>.
Among expected new issues, Belarus started a roadshow for a
possible first Eurobond worth at least $500 million.
Following is a summary of international bonds proposed in
recent months by sovereign and quasi-sovereign borrowers in
central and eastern Europe and the Middle East.
----------------- CENTRAL, EASTERN EUROPE---------------------
--------------------- ALBANIA --------------------------------
ALBANIA -Albania has scrapped plans to issue a Eurobond in
2010, and will also not turn to the IMF at present even though
it seeks more euro investment, the country's prime minister said
on July 9. [].
Albania ended a bond roadshow at the end of April.
------------------- 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, 2009. []
--------------------- BELARUS-----------------------------------
BELARUS - Belarus will start investors meeting starting from
July 12 and may consider a Eurobond issue afterwards, a trading
source told Reuters on July 7. []
-------------------------- CROATIA -----------------------------
CROATIA - Croatia sold $1.25 billion of new 10-year bonds at
a price of 99.102 and a yield of 6.75 percent, or 381.3 basis
points above comparable U.S. Treasuries, a market source said on
July 6. []
---------------------- CZECH REPUBLIC---------------------------
CZECH REPUBLIC - The Czech Republic will hold off on an
expected Eurobond due to the market turmoil caused by worries
over debt-laden Greece, Finance Minister Eduard Janota said on
April 28. The Czechs have said they would likely raise 1 billion
to 2 billion euros in a 10-15 year bond. []
-------------------------- GEORGIA ----------------------------
GEORGIA - State-owned Georgia Railway will issue $250 million
worth of Eurobonds with a maturity from five to seven years,
Georgian Prime Minister Nika Gilauri told Reuters on July 6.
[]
--------------------- KAZAKHSTAN ------------------------------
KAZAKHSTAN - Kazakhstan plans to hold roadshows in September
and October for its first Eurobond in a decade, with $500
million likely to be sold, a senior finance ministry official
said on June 15. []
--------------------- 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. []
---------------------- MACEDONIA -------------------------------
MACEDONIA - Macedonia has delayed plans for a new Eurobond
issue. []
---------------------- MONTENEGRO -----------------------------
MONTENEGRO - Montenegro has delayed plans for a new Eurobond
issue. []
--------------------- POLAND ----------------------------------
POLAND - Poland sold $1.5 billion in five-year dollar bonds
on July 9. Poland's deputy finance minister said on March 29 the
country also planned yen-denominated bonds. []
PGNiG - Poland's gas monopoly PGNiG <PGNI.WA> launched an
$875 million domestic bond issuance programme and is working on
another Eurobond that will take place later this year, its chief
financial officer said on June 10. []
-------------------------- UKRAINE -----------------------------
UKRAINE - Ukraine, which was due to start marketing a
sovereign Eurobond on July 7, plans a $2 billion issue with a
maturity of up to 10 years, the Finance Ministry said.
[]
----------------------- RUSSIA --------------------------------
RUSSIA - Russia is looking to issue rouble-denominated
Eurobonds this year or next, and is expecting sovereign rating
upgrades after the crisis, Finance Minister Alexei Kudrin said
on July 2. []
SBERBANK - Russia's biggest lender, state-owned Sberbank
<SBER03.MM> placed a 5-year, $1 billion bond with coupon set at
5.499 percent, a trading source told Reuters on July 1.
[]
TRANSCREDIT BANK - TransCredit Bank, controlled by
state-owned Russian Railways, has postponed the issuance of a
rouble denominated Eurobond worth the equivalent of $300 million
with a maturity of three years, the bank said on July 8.
[]
VEB BANK - Russian state development bank VEB has launched a
$1 billion, 10-year Eurobond at 400 basis points over U.S.
Treasuries, in line with earlier price guidance, a trading
source told Reuters on July 1. []
-------------------------- MIDDLE EAST--------------------------
--------------------------- DUBAI -----------------------------
DUBAI - Dubai may launch a dollar-denominated Islamic bond as
early as the third quarter of this year following well-received
presentations to investors, banking sector sources said on June
14. []
--------------------------- JORDAN ----------------------------
JORDAN - Jordan aims to launch its first $500 million
Eurobond by early October to capitalise on greater investor
confidence and tap lower-cost funding, the finance minister said
on Monday. []
-----------------------MOROCCO --------------------------------
MOROCCO - Morocco has mandated Barclays, HSBC and Natixis to
arrange a global bond denominated in euros, one of the deal
arrangers said on April 15. []
----------------------- QATAR ----------------------------------
QATARI DIAR - Qatari Diar Finance has appointed Barclays,
HSBC, Qatar National Bank, Standard Chartered and RBS to lead a
U.S. dollar-denominated benchmark bond and will start meeting
investors this week in London, a source at one of the banks said
on July 7 . []
(Compiled by Eunice Ng and Carolyn Cohn)
