CEEMEA OPEN: Akbank lands deal as week comes to an end
- The DXY is firmer climbing to a 3-day high of 105.343 following yesterday's data showing that US PPI unexpectedly declined in May by the most in seven months to print -0.2% m/m (f/c +0.1%; Apr +0.5%), another welcoming development for the Fed after the CPI report for May showed broad cooling
- Also, US initial jobless claims rose to the highest in over nine months, while continuing claims came in higher than projected, consistent with a cooling labour market.
- Oil prices which traded in a see-saw fashion rose slightly yesterday, supported by an OPEC forecast for demand growth. Brent Aug oil futures settled at $82.75/bbl.
- S&P added 0.23%, while equities are mixed in Asia, the Hang Seng fell by -0.65% while the CSI300 is up 0.26%.
Fresh in the CEEMEA Pipeline
- No updates to the pipeline.
On the Radar
- Akbank T.A.S, rated B3 (positive) / B (positive) (Moody s / Fitch), has now priced its USD500mn 6yr (Jan-2030) RegS Senior Unsecure Sustainable Note at 7.50%, in from 7.875% 8% IPTs. Order books topped at USD1.2bn (peaked at USD1.40bn), excluding JLM interest.
- Still awaiting further updates from Ceskoslovenska obchodna banka, a.s., the Slovakian financial institution subsidiary of KBC Bank NV, rated A1 (stable) by Moody's has now concluded its roadshow, which involved over 48 accounts CSOB is advertising a EUR500mn 5-yr Reg S European Covered Bond (Premium) transaction. The deal may price as soon as next week.
- CSOB has mandated Natixis as Global Coordinator and Commerzbank, Erste Group, KBC Bank and Natixis as Joint Bookrunners.
- The link to the investor presentation can be found here. Leads have circulated the following comps:
- Pre-announcement indicative levels vs I spread (mid)
- Ticker Cpn Maturity Size Rating (M/S&P/F) Mid I-spd Issue date
- VUBSK 3,25 20/03/2031 500 Aa1/-/- 63 13/03/2024
- KBC 3,25 30/05/2028 750 Aaa/-/AAA 24 22/05/2023
- SUOHYP 3,125 10/04/2029 300 -/AAA/- 39 3/04/2024
- KHFC 3,124 18/03/2029 500 Aaa/AAA/- 39 11/03/2024
- BQDAU 3,3 30/07/2029 600 Aaa/-/AAA 40 21/05/2024
- HYNOE 3 5/02/2030 500 Aa1/-/- 41 29/01/2024
- VORHYP 3,125 29/05/2030 500 Aaa/-/- 38 22/05/2024
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