LONDON, Dec 3 (Reuters) - After all but drying up in the
last few months, Eurobond issues from emerging economies are
expected to resume next year with Poland and Slovenia among
those with plans to tap international bond markets.
Secondary market debt spreads swelled to their widest levels
in nearly six years after the mid-September collapse of Wall
Street giant Lehman Brothers sent global capital markets into a
tailspin, scuttling the fund-raising plans of most borrowers.
Turkey was one the last state borrowers to have come to the
market, issuing a $1.5 billion 10-year bond early September.
Issuance next year is likely to be modest as falling
domestic exchange rates and potentially stringent policies
required in International Monetary Fund (IMF) packages will
hamper the debt plans of many emerging economies.
The following is a summary of proposed international bonds
from sovereign and quasi-sovereign borrowers in central and
eastern Europe, Africa and the Middle East.
(OFFICIAL) indicates confirmed by borrower.
CENTRAL, EASTERN EUROPE
--------------------- ALBANIA ------------------------
ALBANIA - The Albanian government hopes to issue its debut
Eurobond for 200-300 million euros in early 2009 but it may do
bridge financing euro T-bills should such a deal prove costly,
Deputy Finance Minister Sherefedin Shehu told Reuters on Oct 6.
(OFFICIAL)
--------------------- AZERBAIJAN -----------------------
AZERBAIJAN - Azerbaijan in Nov. 2007 postponed a roadshow
for a planned $500 million debut Eurobond to 2008 due to
unfavourable market conditions. Citi and Deutsche Bank had been
advising on the issue. (OFFICIAL)
SOCAR - Azeri state oil firm Socar plans to raise between
$300 million and $500 million Eurobond at the start of 2009,
said the company's vice-president on March 11.
--------------------- BELARUS ---------------------------
BELARUS - Belarus has suspended plans to issue a debut
Eurobond because of unfavourable conditions on world markets,
Prime Minister Sergei Sidorsky told Reuters on May 14. (OFFICIAL)
------------------- CZECH REPUBLIC ----------------------
CZECH REPUBLIC - The Czech Republic said on Dec. 1 that it
plans to tap foreign debt markets for up to $3.7 billion next
year, representing about half of its 2009 requirements. The
Czech Republic sold a larger than expected 2 billion euro
Eurobond on June 3. (OFFICIAL)
---------------------- KAZAKHSTAN -----------------------
KAZAKHSTAN - Kazakhstan said in November last year that it
had no imminent plans to issue sovereign bonds. (OFFICIAL)
KAZAGROFINANCE - State leasing company KazAgroFinance said
on Jan. 16 that it plans to issue around $200 million in
Eurobonds in 2008.
---------------------- LITHUANIA -------------------------
LITHUANIA - Lithuania said on Feb. 12 it would delay a
planned Eurobond issue of 400 million euros that was to have
been lead managed by Citi and Credit Suisse. (OFFICIAL)
--------------------- POLAND -------------------------------
POLAND - Poland may sell at least 1 billion euros worth of
bonds in the first quarter of 2009 and may also consider placing
bonds on the Swiss franc and Japanese yen markets, a financial
ministry official told Reuters on Dec. 2 (OFFICIAL)
--------------------- ROMANIA ---------------------------
ROMANIA - Romania is seeking to reopen a 750 million euro
10-year Eurobond launched in June, within a 1 billion euro
limit, before the end of 2008 but the window of opportunity may
not open soon, a senior finance ministry official said on Sept
16. (OFFICIAL)
--------------------- RUSSIA ---------------------------
ALROSA - State diamond miner Alrosa has picked Morgan
Stanley and JPMorgan to lead manage a 10-year Eurobond set for
the autumn, finance director Igor Kulichik told Reuters on June
4. Alrosa president said on May 30 that the company would issue
up to $1 billion in Eurobonds before the end of this year to
refinance short-term debt. (OFFICIAL)
MOESK - State-controlled Moscow Regional Power Grid Company
(MOESK), which on July 1 merged with the Moscow City Electricity
Grid Company, has been among Russian power firms appealing for
cheap government loans to help with their investment plans. The
firm had said on Sept 3 that it would raise $1 billion in
Eurobonds by the beginning of November. (OFFICIAL)
RZhD - Russian state railway RZhD said on Nov. 11 it would
not go ahead with plans for a Eurobond issue of up to $4 billion
until the second half of 2009. (OFFICIAL)
RUSSIA'S DEVELOPMENT BANK - Russia's Development Bank had
planned to issue Eurobonds in the third quarter of 2008,
starting with a $300-$500 million issue and increasing to a
benchmark size of $1 billion from the second half of 2009, a
draft strategy document obtained by Reuters on March 17 showed.
The bank -- also known as VEB -- has asked the government for a
capital injection of some $34 billion, local media reported on
Dec. 3.
--------------------- SLOVENIA -----------------------------
SLOVENIA - Slovenia has picked Societe Generale, JPMorgan
and UniCredit Banka to manage a benchmark Eurobond to launch in
the first quarter of 2009, said one of the banks on Dec. 1. The
deal is expected to raise around 1 billion euros. (OFFICIAL)
--------------------- UKRAINE ------------------------------
UKRAINE - Ukraine plans to issue Eurobonds worth $2.0
billion next year, higher than the $1.67 billion planned for
this year, according to the draft budget submitted on Sept 16.
Before political and financial woes sent the country to the IMF
for a $16.4 billion loan, Ukraine had said it would issue a $500
million Eurobond in September. (OFFICIAL)
AFRICA
---------------------- GHANA -----------------------------
GHANA - Ghana has postponed plans for a $300 million 7-year
bond due to poor global market conditions, one of the banks
arranging the deal said on Sep. 25. (OFFICIAL)
---------------------- KENYA -----------------------------
KENYA - Kenya's finance minister said on Oct. 3 that the
country's planned debut Eurobond this fiscal year would be
within an acceptable level for its debt to GDP ratio. On Sep.
22, the minister said Kenya would issue a $500 million
international bond in the second half of the July-June 2008/2009
financial year. (OFFICIAL)
--------------------- NIGERIA ----------------------------
NIGERIA - Nigeria will issue a $500 million 10-year bond to
raise funds for infrastructure costs, the country's finance
ministry said on Sept 10. (OFFICIAL)
------------------- SOUTH AFRICA -------------------------
ESKOM - South African state power utility Eskom said on July
29 that it would issue a dollar-denominated Eurobond this year
roughly equal in value to last year's 500 million euro issue.
(OFFICIAL)
-------------------- TANZANIA ----------------------------
TANZANIA - Tanzania plans to seek a sovereign debt rating so
to that it can raise money through an international bond to help
build roads, president Jakaya Kikwete said on Aug 21. (OFFICIAL)
-------------------- UGANDA ------------------------------
UGANDA - Ratings agency Fitch said on June 11 that Uganda
was considering a debut Eurobond to fund infrastructure
spending. (OFFICIAL)
--------------------- ZAMBIA ----------------------------
ZAMBIA - Zambia expects a sovereign rating by year-end but
does not plan to issue a Eurobond for now, finance minister
Ng'andu Magande told Reuters on May 21. (OFFICIAL)
MIDDLE EAST
------------------------ EGYPT --------------------------
EGYPT - Egypt is eyeing a Eurobond of up to $2 billion that
would be denominated in Egyptian pounds but payable in U.S.
dollars. Finance minister Youssef Boutros-Ghali said on May 19
that the deal could be launched as early as July. Egypt's
sovereign ratings have come under pressure amid rising
inflationary pressures. (OFFICIAL)
----------------------- ISRAEL ---------------------------
ISRAEL - Israel intends to issue a Eurobond of at least 750
million euros in 2008 if market conditions improve, a senior
finance ministry official told Reuters on Feb 20. (OFFICIAL)
(Compiled by Sebastian Tong; Editing by Ruth Pitchford)
