CEEMEA REPORT: Busy start to the month with several deals on offer

Deals in Market Today

• CEEMEA issuance kicked off September on a strong note, with multiple deals on offer on Monday.

• The Republic of Hungaryhas gone live with a JPY four-part Reg S only Samurai Bond, in the following format:
  • JPY 3yr Fixed Samurai at YMS+105-100bps
  • JPY 5yr Green Fixed Samurai at YMS+118-122bps
  • JPY 7yr Green Fixed Samurai at YMS+133-137bps
  • JPY 10yr Green Fixed Samurai at YMS+148-152bps
  • Hungary has mandated Mitsubishi UFJ Morgan Stanley / Mizuho (B&D) / Nomura / SMBC Nikko as Bookrunners.
  • Hungary’s last visit to the markets was in January this year (EUR1500mn), but last sough to raise JPY in February 2022 (also a four-parter).

New Announcements and Market Wrap

• The latest to join the pipeline on Monday was MONETA Money Bank, a.s., rated A2 by Moody's (stable outlook), one of the leading retail-focused banks and the largest independently owned bank in the Czech Republic, which has commenced investor calls today (September 02) for a EUR300m Senior Preferred n 6NC5 Reg S offering.
  • Moneta has mandated BNP Paribas and J.P. Morgan as Joint Global Coordinators and Joint Lead Managers, and Goldman Sachs Bank Europe SE as Joint Lead Manager, and J&T Banka as Co-Manager.
  • Moneta was last in the markets in January 2022, where it landed a EUR100mn 6NC5 senior preferred offering at m/s+150bps, in from the m/s+150bps area IPTs. The deal attracted over EUR108mn in demand (peaked at EUR120mn).

• In addition, Pegasus Hava Tasimaciligi A.S., the leading low-cost carrier in Turkey, rated BB-(Stable) by Fitch and B+ (Stable) by S&P, has begun a series of fixed income investor calls today (September 02) to advertise a USD benchmark 7NC3 Reg S senior unsecured notes offering.
  • Pegasus has mandated Citi and Morgan Stanley as Joint Global Coordinators and Citi, Morgan Stanley, J.P. Morgan, HSBC, SMBC Nikko, and BCP Securities as Joint Bookrunners.
  • A direct link to the deal roadshow can be found here.
  • The issuer was last in the markets back in April 2021, where it priced a USD375mn inaugural senior unsecured offering at 9.25%, the lower end of the IPTs set at 9.25%-9.50%.

• Moreover, Luminor Bank ASwill hold a GIC today (September 02) to advertise a new EUR300mn (WNG) 4NC3 Senior Preferred transaction. The notes will be in Reg S Bearer (NGN) format and are expected to be rated A3 (Moody's).
  • Luminor Bank has mandated DNB Markets, Erste Group, J.P. Morgan, Luminor Markets and Natixis to act as Joint Bookrunners.
  • The investor presentation can be accessed here. Code: LUMINOR2024
  • Luminor Bank was last in the markets in March this year where it landed a SEK500mn 3yr (Mar-2027) senior note, however, was last in the markets in May 2023 for a EUR-benchmark bond (300mn), where a 4NC3 Senior Preferred note was priced at m/s+7.75% after attracting over EUR350mn in demand.

• As well as that, ADNOC Murban RSC LTD (ADNOC Murban), rated Aa2 by Moody’s, AA by S&P and AA by Fitch – all with Stable Outlook, a wholly-owned subsidiary of Abu Dhabi National Oil Company (ADNOC) P.J.S.C. (ADNOC) and the primary debt capital markets entity for ADNOC, have commenced a series of investor calls today (September 02) for a USD fixed rate 5-, 10- and 30-year Reg S senior unsecured benchmark bond offering.
  • ADNOC had mandated J.P. Morgan and Morgan Stanley as Global Coordinators. BofA Securities, Citi and First Abu Dhabi Bank are mandated as Active Bookrunners, and Abu Dhabi Commercial Bank, HSBC, Mizuho and SMBC Nikko as Passive Bookrunners on the Offering.

• Abu Dhabi Commercial Bank PJSC(ADCB), rated A (positive) by S&P and A+ (stable) by Fitch, has arranged a series of fixed income investor calls that commence today (September 02) for a USD500mn Reg S 10.5NC5.5 fixed rate Tier 2 capital securities offering.
  • ADCB has mandated Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan, and Mizuho as Joint Bookrunners.
  • A direct link to the roadshow can be accessed here.
  • Although the issuer’s last visit to the market was in February earlier this year (CHF100mn 6yr), ADCB last raised USD in November 2023.
  • Leads have circulated the following leads:

  • Issuer	Issue Rating	Coupon	Size	Cal Date	Maturity	Spread (to call)	Years to Mat	Bid-Yield	Price
    ADCBUH	-/A/A+	5.500%	$650	-	Jan-29	+85	4.4	4.580%	103.59
    FABUH	Aa3/AA-/AA-	5.000%	$850	-	Feb-29	+95	4.5	4.672%	101.31
    FABUH	-/-/A	6.320%	$1000	Oct-28	Apr-34	+165	4.1	5.383%	103.39
    FABUH	-/-/A	5.804%	$750	Jul-29	Jan-35	+173	4.9	5.442%	101.52
    OCBCSP	A2/BBB+/A	5.520%	$500	May-29	May-34	+114	4.7	4.849%	102.79
    UOBSP	A2/BBB+/A	3.863%	$1000	Oct-27	Oct-32	+117	3.1	4.939%	96.94
    CBAAU	A2/A-/A-	5.837%	$1250	-	Mar-34	+138	9.5	5.274%	104.17
    ANZ	A3/A-/A-	5.731%	$1000	Aug-29	Sep-34	+154	5.0	5.242%	102.14
    ANZNZ	A3/A/-	5.898%	$500	Jul-29	Jul-34	+154	4.9	5.248%	102.74

• There are yet to be further updates from Friday’s session after The National Bank of Ras Al-Khaimah PSC (RAKBANK), rated Baa1 (Stable) by Moody’s and BBB+ (Stable) by Fitch, a leading commercial bank in the UAE and 52.8% owned by the Government of Ras Al Khaimah, commenced a GIC, as well as a series of fixed income investor calls on Friday (August 30), to advertise a USD250mn fixed rate Reg S 10.25NC5.25 Tier 2 Capital Securities offering.
  • Rakbank has mandated Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank and Standard Chartered Bank as Joint Lead Managers & Bookrunners.
  • The bond has an expected rating of BBB- by Fitch.
  • A direct link to the netroadshow can be accessed here.
  • Leads have circulated the following comps:

• Additionally, the Bank of Sharjah P.J.S.C,, rated BBB+ (Stable) by Fitch, a leading commercial bank in the UAE and approximately 39.25% owned by the Government of Sharjah (through Sharjah Asset Management), arranged a GIC and series of fixed income investor calls on Friday (August 30) to advertise a USD 5yr benchmark Reg S senior unsecured bond offering.
  • The bank has mandated Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait (DIFC Branch), Bank ABC, Citi, Doha Bank, Emirates NBD Capital, First Abu Dhabi Bank, Kamco Invest, Mashreq, QNB Capital and Standard Chartered Bank as Joint Lead Managers and Bookrunners (the Joint Lead Managers).
  • The link to the deal roadshow can be found here.
  • The issuer was last in the markets in March 2023, where it landed a USD500mn Senior Unsecured Note at T+310bps. That was tightened from T+ low 300bps area IPTs, thanks to demand that topped USD1bn.

Pipeline

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.