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CEEMEA OPEN: A measured issuance week so far, but backdrop still supportive
By Natalie RivettShareshare

8th May 2025


  • EU and US stocks look set for a positive open, with an improved tone supported by expectations the US is set to unveil a “major” trade deal later today with a "big, and highly respected country" (14GMT), suspected to be the UK. US President Trump said this upcoming deal will be "the first of many". Market participants will thus, be eyeing the details of this and how it could potentially affect/shape broader tariff related negotiations.


  • On Wednesday, Wall Street closed higher with the Nasdaq and S&P500 up 0.3% and 0.4% respectively, following the Fed's steady rate decision, as expected.


  • The Fed opted to keep rates on hold and adopted a cautious wait-and-see approach, with Chair Powell emphasizing the Fed's need to assess incoming economic data before committing to any policy direction. The Fed expressed heightened concerns about inflation and unemployment, particularly noting the potential impact of tariffs, while Powell maintained that the economy remains "solid" but acknowledged that prolonged tariffs could challenge their inflation target achievement.


Fresh in the CEEMEA pipeline


DateIssuerCcyBook ManagersSecurityDescriptionCompsAt Ann.Today
07-MayEnergo-ProEURCiti, GSBE, JPM144A/RegSEUR400mn 5NC2 Green inv calls commencing 7 May

06-MayAkropolis Group UABEURCiti, ING, SEBRegSEUR300mn exp 5yr Snr Green calls beginning 6 MayNEPSJ
Jan-2030
CITCON
Mar-2030
3.608%

4.021%


On the radar

  • Last week in the CEEMEA region we recorded a hefty USD15.2bn cross the tape, the greatest weekly amount since early February, as issuers flocked back to the market after a shut-out following US President Trump’s 2 April tariff announcement. That was, albeit, all crammed into the first half of the week, with the rush having since subsided.


  • So far, just a couple of CEEMEA issuers have made the most of the available issuance window this week, with the backdrop remaining supportive overall. On Wednesday, Al Rajhi Sukuk Limited (Aa3-/A-) priced a USD500mn 5-year RegS Sukuk, which is being listed in London and Tapei, at T+95bp on the back of a USD1.1bn+ order book. That was in from T+125bp area IPTs. Al Rajhi's deal followed the USD750mn 7-year note offering from Gold Fields (Baa3/BBB-) on Tuesday, marking the South African miner's first foray into the primary market in 6-years.


  • As a recap, Gold Fields opted for a shorter tenor than the 10-year originally announced in its end-March mandate, prior to the tariff-related volatility. Books exceeded USD2.8bn and this helped leads to tighten pricing by 35bp from IPTs to T+175bp, offering a 5.854% yield. That compared to around the 5.30% mark for its one outstanding bond at the time, the May-2029s. The issuance backdrop was perhaps a little weaker than pre-tariffs, hence the decision to shorten the maturity a little, but elevated gold prices are a supportive factor for Gold Fields.


  • Meanwhile, Energo-Pro, a leading hydropower generator and electricity distributor headquartered in the Czech Republic and Akropolis Group, a leading shopping and entertainment centre development and management company in the Baltics, have been sounding out investors this week for EUR-denominated Green bond offerings. Given the V-E Day holiday in parts of Europe today (Thursday), these deals are likely to be next week’s business.


  • Energo-Pro (B+/BB-) intends to issue EUR400mn senior unsecured 144A/RegS guaranteed 5NC2 green notes, with the proceeds to be used for the payment of the purchase price for the acquisition of 100% of Baixo Iguacu HPP in Brazil and to partially repay the Company’s existing USD435mn 8.50% Guaranteed Notes due 2027.


  • Akropolis Group(BB+/BB+) is lining up a EUR300mn (expected) 5-year Green RegS only senior unsecured offering, for which leads issued the following comp earlier this week:
    • Ticker Issuer Maturity Cpn Rating (EURmn) YTM
    • NEPSJ NEPI Rockcastle 01/20/30 2.000% [BBB+/BBB] 500m 3.608%
    • NEPSJ NEPI Rockcastle 01/21/32 4.250% [BBB+/BBB] 500m 4.021%
    • CITCON Citycon 03/11/30 5.000% [BBB-] 350m 5.085%
    • CITCON Citycon 07/08/31 5.375% [BBB-] 450m 5.364%
    • MLGPW MLP Group 10/15/31 6.125% [Ba2/BB+] 300m 5.694%
    • CPIPGR CPI Property 05/07/29 7.000% [Ba1/BB+] 600m 5.762%
    • CPIPGR CPI Property 01/27/32 6.000% [Ba1/BB+] 750m 6.194%


  • Also, worth noting - looking out to 2026, Nigeria plans to issue a USD Green bond, according to Environment Minister Lawal. This will form part of an ambitious economic transformation plan that should also see the government issue two naira-denominated Green bonds this year, in order to fund projects such as water security, green mass transportation and clean energy (Bbg).

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