CEEMEA REPORT: Two live deals to fuel deal flow
Deals in Market Today
- There are currently two live deals in the market on Wednesday.
- Raiffeisenbank a.s., rated A2 (Stable) by Moody s, one of the leading banks in the Czech Republic and the largest network bank within Raiffeisen Bank International Group, has gone live with its EUR500m WNG Senior Non-Preferred Sustainable bond offering with a 6NC5 tenor in Reg S format at a final spread of m/s+195bps. That s in from the lower end of the m/s+200bps (+/-5) guidance and m/s+235bps area IPTs. The deal has attracted over EUR1.9bn in demand so far.
- The bank has mandated BNP Paribas, Goldman Sachs Bank Europe SE, Mediobanca, Natixis and Raiffeisen Bank International as Joint Bookrunners.
- The notes are expected to be rated Baa2 by Moody s.
- Leads have circulated the following comps:
- SNP
- RBIAV 6.000 09/2028-27 Baa2/ -/- I+176 4.87%
- RBIAV 4.625 09/2029-28 Baa2/ -/- I+190 4.89%
- RABKAS 1.000 06/2028-27 Baa2/ -/- I+159 4.73% Green
- RABROM 7.00 10/2027-26 Baa2/ -/- I+176 5.04.% Sustainable
- CESSPO 0.500 09/2028-27 BBB+/ -/A I+153 4.64% Green
- CESSPO 4.824 01/2030-29 BBB+/ -/A I+160 4.56%
- SP
- RABHUG 5.15 05/2030-29 Baa3/-/- I+219 5.12% Green
- TATSK 4.971 04/2030-29 A3/ -/- I+192 4.85% Green
- RBACRO 7.875 06/2027-26 Baa3/ -/- I+146 4.82%
- Gulf International Bank B.S.C. ( GIB ), rated A3 by Moody s (with a positive outlook) and A- by Fitch (with a stable outlook) and 97.2% indirectly owned by the Government of Saudi Arabia through the Public Investment Fund, has now gone live with its USD 5yr (Jun-2029) Reg S fixed rate senior unsecured bond offering at the T+150bps area IPTs. This follows a Global Investor Call and a series of fixed income investor calls yesterday (May 28).
- GIB has mandated Standard Chartered Bank as a Global Coordinator, alongside Citi, Emirates NBD Capital, GIB Capital, and J.P. Morgan, together as Joint Lead Managers and Joint Bookrunners.
- Leads have circulated the following comps:
Issuer | Rating | Size | Maturity | Coupon (%) | G-Spread (bps) |
DOHA FINANCE LIMITED | Baa1 / A | 500mn | 12/03/2029 | 5.250 | 109 |
CBQ FINANCE LTD | A3 / A- | 750mn | 28/03/2029 | 5.375 | 110 |
COMMERCIAL BANK OF DUBAI | Baa1 / A- | 500mn | 14/06/2028 | 5.319 | 89 |
ABU DHABI COMMERCIAL BNK | A / A+ | 650mn | 12/01/2029 | 5.500 | 76 |
BANQUE SAUDI FRANSI | A- / A- | 900mn | 31/05/2028 | 4.750 | 81 |
New Announcements and Market Wrap
- A new mandate on Wednesday morning, courtesy of Mashreqbank psc, the oldest local commercial bank in the United Arab Emirates and rated A (Fitch), A3 (Moody s) and A (S&P), all with Stable outlook, is advertising a benchmark USD RegS PNC5.5 AT1 note.
- A Global Investor Call along with a series of investor calls and physical fixed income investor meetings in London will commence tomorrow (May 30).
- Mashreq has mandated Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait (DIFC Branch), BofA Securities, Citi, Emirates NBD Capital, First Abu Dhabi Bank, Kamco Investment Company, Mashreq and Mizuho as Joint Lead Managers and Joint Bookrunners.
- The National Bank of Kuwait S.A.K.P,the leading bank in Kuwait and the largest by assets, customer deposits and customer loans and advances, rated A1 / A / A+ (all stable, by Moody's / S&P / Fitch), is offering a benchmark USD-denominated Reg S senior unsecured 6NC5 Inaugural Green Notes that is fixed until the first call date and floating thereafter. Fixed income investor calls kick offed on Tuesday (May 28).
- NBK has mandated Citi, HSBC, J.P. Morgan, and Standard Chartered Bank as Joint Global Coordinators, along with Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International and National Bank of Kuwait as Joint Lead Managers and Joint Bookrunners.
- The direct link to the investor presentation recording can be found here.
- The Bank of Bahrain and Kuwait (B.S.C.),rated B2 by Moody's and B+ by Fitch (both with stable outlook), one of the leading onshore banks based in Bahrain and 52.2% owned by Bahrain and Kuwait government entities, is advertising a USD benchmark Reg S only senior unsecured 5-year bond offering.
- A series of physical fixed income investor meetings in London and virtual investor meetings in the Middle East, Asia and Continental Europe commenced on Monday (May 27) along with a Global Investor Call yesterday (May 28).
- The bank has mandated Bank ABC, Citi, Emirates NBD Capital, First Abu Dhabi Bank, J.P. Morgan, Mashreq and SICO B.S.C. as Joint Lead Managers and Joint Bookrunners.
- A link to the net roadshow can be found here.
- Still on the sidelines, HTA Group, Ltd(Helios Towers or the Company), an indirect wholly-owned subsidiary of Helios Towers Plc, a leading independent telecommunications infrastructure company in Africa and the Middle East rated B1 (Stable) by Moody s, B+ (Stable) by S&P and B+ (Stable) by Fitch, commenced a series of fixed income calls last week (May 20) for a 5NC2 RegS benchmark senior guaranteed notes offering.
- HTA has mandated BofA Securities, J.P. Morgan, Standard Bank and Standard Chartered Bank as Joint Global Coordinators, Absa and Rand Merchant Bank as Joint Bookrunners and Jefferies as Co-Manager.
Pipeline
Issuer | Ccy | Book Managers | Security Description | Description | Comps | At Ann. | Today |
Raiffeisenbank | EUR | BNP, GS, Mediobanca, Natixis, RB | RegS | Final Spread: 500m 6NC5 sustainable SNP @ m/s+195; bk 1.9bn+ | RBIAV (Sept-2028) RBIAV (Sept-2029) RABKAS (Jun-2028) | I+176 I+190 I+159 | I+168 I+133 I+142 |
GIB | USD | SCB, Citi, ENBD, GIB, JPM | RegS | IPTs: 6yr senior secured bond at T+150bps area | DOHA (MAR-2029) CBQ (MAR-2029) BOD (JUNE-2028) | G+109 G+110 G+89 | G+102 G-460 G+78 |
Mashreqbank | USD | ADCB, AABOK, BofA, Citi, ENBD, FADB, Kamco, Mashreq, Misuho | RegS | Inv calls for a PNC5.5 AT1 note |
IGM: Roadshow Calendar EMEA
- Please click here for the calendar.
RECENT USD DEALS
Date | Issuer | Ccy | Amount (m) | Coupon | Maturity | Yield | Spread | IPTS to Pxd | Book size (m) | Coverage | NICs |
29-May | KSA Sukuk Limited | USD | 1250 | 5.250 | 09-06-2027 | 5.364 | T+60 | -20.0 | 5800 | ||
29-May | KSA Sukuk Limited | USD | 1500 | 5.250 | 04-06-2030 | 5.249 | T+75 | -35.0 | 6200 | ||
29-May | KSA Sukuk Limited | USD | 2250 | 5.250 | 04-06-2034 | 5.402 | T+85 | -20.0 | 7200 | ||
23-May | Mamoura | USD | 750 | 5.294 | 04-06-2034 | 5.294 | T+80 | -30.0 | 3500 | 4.67 | |
22-May | Republic of Latvia | USD | 1250 | 5.125 | 30-07-2034 | 5.252 | T+83 | -32.0 | 4900 | 3.92 | |
21-May | State of Qatar | USD | 1500 | 4.750 | 29-05-2034 | 4.818 | T+40 | -40.0 | 7100 | 4.73 | |
21-May | State of Qatar | USD | 1000 | 4.625 | 29-05-2029 | 4.739 | T+30 | -40.0 | 6400 | 6.40 | |
21-May | EI Sukuk Company Limited | USD | 750 | 5.431 | 28-05-2029 | 5.431 | T+100 | -30.0 | 1900 | 2.53 | |
21-May | The Republic of Uzbekistan | USD | 600 | 6.900 | 28-02-2032 | 7.125 | -50.0 | 2900 | |||
14-May | QNB Finansbank A.S. | USD | 500 | 7.250 | 21-05-2029 | 7.375 | -37.5 | 1400 | 2.80 | ||
14-May | Turk Telekomunikasyon AS | USD | 500 | 7.375 | 20-05-2029 | 7.375 | T+288.2 | -62.5 | 2300 | 4.60 | |
9-May | Al Rajhi Banking and Investment Corporation | USD | 1000 | 6.375 | PNC5.5 | 6.375 | -50.0 | 3200 | 3.20 | ||
8-May | Aldar Investment Properties Sukuk Limited | USD | 500 | 5.500 | 16-05-2034 | 5.584 | T+110 | -30.0 | 1900 | 3.80 | |
8-May | IsDB Trust Services No.2 SARL | USD | 2000 | 4.754 | 15-05-2029 | SOFR+50 | -5.0 | 2400 | 1.20 | ||
8-May | Vestel Elektronik Sanayi ve Ticaret A.Ş. | USD | 450 | 9.750 | 15-05-2029 | 9.875 | 825 | 1.83 | |||
7-May | AS Air Baltic Corporation | USD | 340 | 14.500 | 14-08-2029 | 14.500 | T+1213 | -50.0 | 825 | 2.43 | |
30-Apr | Abu Dhabi Developmental Holding Company PJSC | USD | 1250 | 5.375 | 08-05-2029 | 5.498 | T+80 | -35.0 | 5500 | 4.40 | |
30-Apr | Abu Dhabi Developmental Holding Company PJSC | USD | 1250 | 5.500 | 08-05-2034 | 5.565 | T+90 | -35.0 | 5500 | 4.40 | |
25-Apr | Arab Petroleum Investments Corporation | USD | 750 | 5.428 | 02-05-2029 | 5.428 | MS+95 | -20.0 | 1100 | 1.47 | |
25-Apr | Türkiye Cumhuriyeti Ziraat Bankası A.S | USD | 500 | 8.994 | 02-08-2034 | 9.000 | T+432.7 | -25.0 | 1000 | 2.00 | |
25-Apr | Sisecam UK PLC | USD | 600 | 8.625 | 8NC3 | 8.625 | -62.5 | 1900 | 3.17 | ||
25-Apr | Sisecam UK PLC | USD | 500 | 8.250 | 5NC2 | 8.250 | -50.0 | 1300 | 2.60 | ||
24-Apr | KIB Ltd | USD | 300 | 6.625 | PNC5.5 | 6.625 | T+195.3 | -37.5 | 650 | 2.17 | |
24-Apr | OCP S.A. | USD | 1250 | 6.750 | 01-04-2034 | 6.962 | T+230 | -40.0 | 2500 | 2.00 | |
24-Apr | OCP S.A. | USD | 750 | 7.500 | 01-04-2054 | 7.736 | T+295 | -35.0 | 1700 | 2.27 | |
24-Apr | JSC TBC Bank | USD | 300 | 0.103 | PNC5.5 | 10.250 | |||||
23-Apr | Emirate of Abu Dhabi | USD | 1750 | 4.875 | 30-04-2029 | 4.966 | T+35 | -35.0 | 5700 | 3.26 | |
23-Apr | Emirate of Abu Dhabi | USD | 1500 | 5.000 | 30-04-2034 | 5.044 | T+45 | -40.0 | 6200 | 4.13 | |
23-Apr | Emirate of Abu Dhabi | USD | 1750 | 5.500 | 30-04-2054 | 5.615 | T+90 | -35.0 | 5600 | 3.20 | |
19-Apr | Ford Otomotiv Sanayi A.S | USD | 500 | 7.125 | 25-04-2029 | 7.125 | T+244.3 | -52.5 | 2200 | 4.40 |
RECENT EUR DEALS
Date | Issuer | Ccy | Amount (m) | Coupon | Maturity | Yield | Spread | IPTS to Pxd | Book size (m) | Coverage | NICs |
23-May | EPH Financing International | EUR | 500 | 5.875 | 30-11-2029 | 6.049 | M+310 | -30.0 | 1600 | 3.20 | 7.5 |
22-May | Romania | EUR | 1400 | 5.625 | 30-05-2037 | 5.686 | M+290 | -30.0 | 2900 | 2.07 | |
22-May | Romania | EUR | 1800 | 5.250 | 30-05-2032 | 5.326 | M+255 | -30.0 | 3500 | 1.94 | |
21-May | The Republic of Uzbekistan | EUR | 600 | 5.375 | 29-05-2027 | 5.375 | 37.5 | 2000 | |||
16-May | AS LHV Group | EUR | 300 | 5.375 | 24-05-2028 | 5.441 | M+240 | -60.0 | 1300 | 4.33 | |
14-May | Raiffeisen Bank Zrt | EUR | 300 | 5.150 | 23-05-2030 | 5.150 | M+257.9 | -50.0 | 1800 | 6.00 | |
23-Apr | Tatra Banka | EUR | 350 | 4.971 | 29-04-2030 | 4.971 | M+210 | -50.0 | 2200 | 6.29 | |
25-Mar | Nova KBM | EUR | 300 | 4.750 | 4NC3 | 4.850 | M+190 | -45.0 | 2000 | 6.67 | |
20-Mar | PKO Bank Polski | EUR | 500 | 4.500 | 4NC3 | 4.596 | M+160 | -40.0 | 1300 | 2.60 | |
14-Mar | Republic of Turkey | EUR | 2000 | 5.875 | 2030-05-21 | 6.125 | M+340.5 | -37.5 | |||
13-Mar | Republic of Slovenia | EUR | 500 | 3.000 | 2034-03-10 | 3.191 | M+58 | -7.0 | 3100 | 6.20 | 0 |
13-Mar | VUB Banka | EUR | 500 | 3.250 | 2031-03-20 | 3.317 | M+70 | -15.0 | 2500 | 5.00 | -7 |
6-Mar | BGK | EUR | 1000 | 4.000 | 2032-03-13 | 4.034 | M+140 | -20.0 | 4800 | ||
6-Mar | BGK | EUR | 1000 | 4.375 | 2039-03-13 | 4.500 | M+185 | -20.0 | 4800 | ||
5-Mar | Republic of Croatia | EUR | 1500 | 3.375 | 2034-03-12 | 3.421 | M+80 | -30.0 | 8250 | 5.50 | 0 |
27-Feb | Slovak Republic | EUR | 3000 | 3.750 | 2034-03-06 | 3.780 | M+100 | -15.0 | 6000 | 2.00 | 10 |
15-Feb | Republic of Romania | EUR | 2000 | 5.375 | 2031-03-22 | 5.394 | M+270 | -35.0 | 6500 | 3.25 | -5 |
15-Feb | Republic of Romania | EUR | 2000 | 5.625 | 2036-02-22 | 5.734 | M+300 | -45.0 | 10000 | 5.00 | -5 |
6-Feb | Lithuania | EUR | 1500 | 3.500 | 2034-02-13 | 3.607 | M+90 | -10.0 | 4100 | 2.73 | 2.5 |
OTHER RECENT DEALS
Date | Issuer | Ccy | Amount (m) | Coupon | Maturity | Yield | Spread | IPTS to Pxd | Book size (m) | Coverage | NICs |
21-May | The Republic of Uzbekistan | USZ | 3000000000000 | 16.625 | 29-05-2027 | 16.625 | 12.5 | 4000000000000 | |||
18-Apr | Slovak Republic | CHF | 325 | 1.523 | 10-05-2028 | 1.523 | M+45 | ||||
18-Apr | Slovak Republic | CHF | 310 | 1.915 | 10-05-2034 | 1.915 | M+70 | ||||
4-Apr | Development Bank of Kazakhstan | KZT | 1000000 | 13.000 | 15-04-2027 | 13.250 | -12.5 | 200000 | 2.00 | ||
20-Mar | Luminor Bank | SEK | 500 | 3ms+225 | 2027-03-27 | 3ms+225 | -12.5 | 900 | 1.80 | ||
18-Mar | PKO Bank Hipoteczny | PLN | 1000 | 3mw+55 | 2028-03-22 | 3mW+55 | -5.0 | 1700 | 1.70 | ||
7-Dec | Banca Comerciala Romana | RON | 500 | 7.550 | 6NC5 | ROMGB+100 | -5.0 | ||||
16-Nov | Republic of Poland | JPY | 8700 | 2.410 | 2043-11-20 | 2.410 | M+95 | -2.5 | |||
16-Nov | Republic of Poland | JPY | 10200 | 1.750 | 2033-11-22 | 1.750 | M+78 | 0.5 | |||
16-Nov | Republic of Poland | JPY | 66500 | 0.930 | 2026-11-20 | 0.930 | M+55 | 2.5 | |||
8-Nov | Mamoura | AED | 750 | 5.650 | 2028-11-08 | 5.650 | -15.0 | 1300 | 2.13 | ||
25-Oct | PKO Bank Hipoteczny | PLN | 750 | 3mW+78 | 2026-10-02 | 3mW+78 | -7.0 | 800 | 1.06 | ||
6-Oct | Republic of Uzbekistan | UZS | 4250000 | 16.250 | 2026-10-12 | 16.250 | -12.5 | 440000 | 1.04 |
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