LONDON, June 23 (Reuters) - Many emerging sovereigns put foreign bond issuance on hold during the global market sell-off in May, but narrower spreads after China's move to make the yuan more flexible may tempt them back into the market.
The weekend announcement drove emerging sovereign debt spreads below the key 300 basis point level over U.S. Treasuries <11EMJ> though they have drifted slightly higher since then.
Bahrain sovereign wealth fund Mumtalakat on Wednesday launched a $750 million five-year bond, with book size said to exceed $3 billion.
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 is waiting for the right moment in international markets to issue a euro-denominated bond of 300-400 million euros, an official said on June 9. [
]Albania ended the 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 outlined its plans for issuance of up to $1 billion in Eurobonds this year with a maturity period of at least five years, a government spokesman said on May 24. It picked Russia's Sberbank, BNP Paribas, Deutsche Bank and Royal Bank of Scotland as lead managers. [
]BELAGROPROMBANK - State-owned agriculture focused bank is considering issuing credit-linked notes and has mandated Russian banks VTB Capital and Troika Dialog to arrange meetings with bond investors. [
]---------------------- CZECH REPUBLIC---------------------------
CZECH REPUBLIC - The Czech Republic plans to issue a Eurobond of around 1 billion euros, likely with a maturity of 10 years and the deal could be followed by issues in currencies other than the euro and dollar, said Martin Hlavnicka, head of funding and portfolio management debt at the Czech finance ministry. [
]Czech state-controlled power utility CEZ <
> is also issuing a 500 million euro 10-year bond on Wednesday with a yield of 167-170 bps over midswaps. [ ]. ------------------- 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 eurobond 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 was pleased with investor interest during a roadshow for a planned Eurobond but will still hold off until market conditions are more stable, the finance minister said on May 14. [
] ---------------------- MONTENEGRO -----------------------------MONTENEGRO - Montenegro's planned Eurobond later this year will be worth 200 million euros, a finance ministry spokeswoman said on April 23. [
] --------------------- 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. [
]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 is pressing ahead with plans for a Eurobond in 2010 that may exceed $1.3 billion if favourable market conditions emerge, Prime Minister Mykola Azarov said on June 10. [
]-------------------------- MIDDLE EAST-------------------------- -------------------------- BAHRAIN -----------------------------
MUMTALAKAT - Bahrain's sovereign wealth fund Mumtalakat is selling a $750 million bonds on Wednesday. [
] ---------------------------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 is discussing with global banks the issuance soon of its first ever $300-500 million sovereign Eurobond in capital markets to help it cover part of its budget deficit, the finance minister said on June 16. [
]-----------------------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, a property arm of Qatar's sovereign wealth fund, is preparing a $3.5 billion bond as it helps lead a restructuring in Qatar's real estate market, a source involved with the issue said on June 15. [
](Compiled by Carolyn Cohn and Sebastian Tong; Editing by Ruth Pitchford)