CEEMEA REPORT: A flurry of deals on offer on Monday

Deals in Market Today

• There are a wide range of deals live at the start of the week. Starting us off, is Türkiye Vakflar Bankası T.A.O, rated B1 (Positive) by Moody’s / B+ (Stable) by Fitch, which has jumped straight to IPTs at the 7.250% area on a USD500mn WNG (January-2030) Reg S Senior Unsecured Sustainability Notes. The deal has attracted over USD1bn in demand so far, excluding JLM interest.
  • VakifBank has mandated Abu Dhabi Commercial Bank, Emirates NBD Capital, HSBC, J.P. Morgan, MUFG as Joint Bookrunners.

• Following investor meetings last week, Fibabanka A.S., a pioneer in digital solutions and ecosystem banking in Türkiye, rated B (positive outlook) by Fitch, is now out with its USD150mn exp Reg S-only PNC5.5 Fixed Rate AT1 note at the 10.750% area IPTs. Books have attracted over USD300mn in interest so far, excluding JLM interest.
  • Fibabanka has mandated Citi and Standard Chartered Bank as Joint Global Coordinators and Bookrunners, as well as Emirates NBD Capital as a Joint Bookrunner.
  • Amongst other features, the Notes will feature a write-down mechanism upon breach of 5.125% Common Equity Tier 1 Capital of the Issuer and/or its consolidated group.
  • Fikabanka was last in the markets in January 2028, where it landed a USD300mn 5yr (Jan -2023) Senior Unsecured Note at 6%, in from the 6.25% area guidance off the back of over USD500mn in demand.

• Societatea Nationala de Gaze Naturale Romgaz S.A. (Romgaz), the largest natural gas producer in Romania majority-owned by the Government of Romania, rated BBB- (stable) by Fitch, has set final terms at M/S+ 255bps for a EUR500mn Reg S WNG 5yr (October-2029) senior unsecured notes. That’s in from the M/S+275bp area guidance and M/S+310bps area IPTs. The deal has attracted over EUR4.1bn in demand so far.
  • Romgaz has mandated BT Capital Partners, Citi, Erste Group, J.P. Morgan, Raiffeisen Bank and UniCredit as Joint Bookrunners.

• Romania, rated BBB- (Stable) / Baa3 (Stable) / BBB (Stable) (S&P / Moody’s / JCR) is marketing a JPY Reg S Cat 1. multi-trance Senior Unsecured Green Samurai Bonds in the following format:
  • JPY 3yr (8 October 2027) tenor at a guidance of YMS+ 155-165bps, in from the IPTs YMS+150bps area.
  • JPY 5yr (11 October 2029) tenor at a guidance of YMS+ 200-120bps, in from IPTs YMS+195bps area.
  • JPY 7yr (10 October 2031) tenor at a guidance of YMS+ 240-250bps, in from IPTs YMS+235bps area.
  • JPY 10yr (11 October 2034) tenor at a guidance of YMS+ 260-270bps, in from IPTs YMS+250bps area.
  • JPY 15yr (11 October 2039) tenor at a guidance of YMS+ 370-280bps, in from IPTs YMS+260bps area.
  • JPY 20yr (11 October 2044) tenor at a guidance of YMS+ 280-290bps, in from IPTs YMS+270bps area.
  • Romania has mandated Daiwa, Mizuho, Nomura and SMBC Nikko as Joint Lead Managers.
  • Note, in a bid to help raise capital to fill the budget hole, Romania has largened Eastern Europe's appetite for Yen-Issued Debt (following Hungary and Slovenia), as it prepares to sell its first ever bonds on the Japanese market to meet the increased 2024 gross funding need of RON217bn in 2024 (from RON160bn est prior).

New Announcements and Market Wrap

• Ronesans Holding A.S., a leading Turkish conglomerate engaged in construction and investments in real estate, concessions and renewable energy with operations in more than 30 countries and focus on Turkiye and Europe as core geographies, rated B+ (stable) by S&P and B+ (stable) by Fitch, is advertising an inaugural USD-denominated benchmark Reg S/144A 5NC2 senior unsecured guaranteed sustainable bond.
  • Ronesans Holding A.S. has mandated Citi, Emirates NBD Capital, HSBC and J.P. Morgan to arrange a series of fixed income investor meetings in London today (September 30).
  • A link to the dealroadshow can be accessed here.

• In addition, Dukhan Bank Q.P.S.C., a leading Islamic bank in Qatar rated A2 / A (both stable) by Moody’s/Fitch, will commence a GIC and a series of investor calls on Monday (September 30) to advertise a USD-denominated Reg S only 5-yr benchmark size fixed rate, senior unsecured Sukuk offering.
  • Dukhan Bank has mandated Standard Chartered Bank as Sole Global Coordinator alongside Al Rayan Investment, Bank ABC, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, Mashreq, QInvest, Qatar International Islamic Bank, QNB Capital, The First Investor, The Islamic Corporation for the Development of the Private Sector and Warba Bank as Joint Lead Managers and Joint Bookrunners.

• Nama Electricity Distribution Company S.A.O.C., rated Ba1 (stable) by Moody's and BB+ (stable) by Fitch, has commenced a series of fixed-income investor calls today (September 30) to advertise a benchmark USD-denominated Reg S 7-yr Sukuk offering.
  • NEDC has mandated Citigroup and J.P. Morgan as Global Coordinators and Joint Bookrunners and Emirates NBD Capital, GIB Capital, Mashreq and Standard Chartered Bank as Joint Bookrunners.

Pipeline

IGM: Roadshow Calendar EMEA

- Please click here for the calendar.

RECENT USD DEALS

RECENT EUR DEALS

OTHER RECENT DEALS

---- Subscribe to read more ----

To receive this analysis plus much more, subscribe to IGM. Request your free trial of the service today.