Cbonds.info news

Synergy's exchange bonds worth RUR 2 bln have been registered

Fri, 25 May 2012 18:37:16 +0400

MICEX has admitted exchange bonds of Synergy JSC to trading. The bonds were given ID number 4B02-03-55052-E of 24.05.2012. Earlier, Synergy had approved placement of BO-03 exchange bonds in amount of 2 mln units worth USD 2 billion. The loan maturity is 3 years (1092 days) from the date of placement. The issue terms include both call and put options. The bonds will be placed through public offering.

Prime Finance to offer USD 360 mln in Series 01 bonds June 1

Fri, 25 May 2012 18:36:49 +0400

Prime Finance has scheduled the placement of Series 01 bonds for June 1, 2012, the company announced. Securities are guaranteed by O1 GROUP LIMITED. The loan matures in 3 years. State registration number of the issue is 4-01-36413-R of May 15, 2012. The issuer will be placing 360 thousand bonds with face value of USD 1,000 each. The bonds will be placed through public offering. The bonds will be placed at 100% of par.

Commerzbank Asia FX Outlook: Policy shifts to support growth

Fri, 25 May 2012 17:40:40 +0400

It�s been a year of two halves so far for Asian currencies. The Asian Dollar Index shot up 2.4% to early February, stalled but slumped 2.2% since the start of May. The sell-off was sparked by renewed stress in eurozone and increasing signs of a sharper China slowdown. The focus for policymakers will shift to support growth and away from inflation. We look for a supportive tone for USD-Asia near term with risks to the upside before easing back by year-end, assuming a calmer global backdrop. ...

Commerzbank EM Credit Notes - Novatek

Fri, 25 May 2012 17:37:49 +0400

Another solid quarter but higher tax a surprise

Novatek�s Q1 2012 results reflected another solid quarter of strong operating performance and a notable decline in leverage. The sharp rise in Mineral Extraction Taxes (MET) caught Novatek by surprise and will result in potential profitability downside risk; however, the impact should in part be mitigated by the planned increase in gas tariff. ...

FGC UES is registering Series 22-29 bonds totaling RUR 125 bln

Fri, 25 May 2012 17:28:21 +0400

FGC UES has applied with FFMS to register its plain vanilla bond series 22-29, the company announced. At the same time, the issuer is holding a tender to select an arranger for the issues. The tender results will be finalized on June 29. Bidding deadline is June 22. Starting (maximum) contract price is RUR 400 mln. According to tender documents, the total size of the issues will not exceed RUR 200 bln at par. Securities will be placed through public offering. In late April, the Board of FGC UES

Erste Group Research: Government of Ukraine said to agree to roll-over of USD 2bn loan from VTB

Fri, 25 May 2012 16:57:56 +0400

Maryan Zablotskyy, head of research, Erste Bank Ukraine:

The Ukrainian government is in active talks with Russia�s VTB Capital over a USD 2bn loan maturing on June 25. The government would like to roll over the loan with new debt from the VTB. Ukrainian government officials were quick to say that they have reached preliminary agreement over new loans. USD 500mn of loans will be paid out. ...

VimpelCom is registering four issues of bonds worth RUR 50 bln

Fri, 25 May 2012 16:51:25 +0400

VimpelCom applied with the FFMS for state registration of bond issues totaling RUR 50 billion. Date of application is May 24, 2012. Earlier, the issuer had approved placement of bonds in amount of RUR 50 bln. The company intends to place bonds of Series 06 and 07 in amount of RUR 10 bln each, and Series 08 and 09 of RUR 15 bln each. Face value is RUR 1,000 per bond. The issue was placed through public offering Maturity of the bonds falls on the 3640-th day from the date of placement.

Series 03 bonds of Svyaz-Bank included in List B

Fri, 25 May 2012 16:50:58 +0400

On May 24, 2012, Series 03 bonds of Svyaz-Bank worth RUR 5 bln were included in MICEX Quote List B, according to the issuer's statement. Face value is RUR 1,000 per bond. Registration number is 40301470� of 05.08.2011.

AHML to offer RUR 4 bln in Series A27 bonds in Q2

Fri, 25 May 2012 16:50:27 +0400

AHML released a plan to issue bonds totaling RUR 22 bln. The issuer hopes to place 20-year Series A27 bonds worth RUR 4 bln in H2 2012. The issue will be repaid based on amortization schedule. The planned duration of the loan is 9 years. In H1 2013, AHML will offer three series of securities: A24, A25 and A26. The size of each loan is RUR 6 bln. Maturities are 10, 14 and 17 years. Duration will be 6.7, 7.8 and 8.4 years, respectively. Performance of the Agency's obligations to repay the bonds wi

My Bank will buy back Series 03 bonds June 4

Fri, 25 May 2012 14:54:11 +0400

My Bank has announced repurchase of Series 03 bonds under an offer. Securities will be re-purchased in amount of 1.5 million units at purchase, which is 90% of face value. Offer date is June 4, 2012. The offer is available from Dec. 31 to Dec. 3, 2012. The loan matures in 3 years. Registration number is 40302939B of Oct. 30, 2008.

Central Bank registered the report on results of Series 01 bond issue by IntrastBanka

Fri, 25 May 2012 14:53:22 +0400

On May 24, 2012, Bank of Russia registered the report on results of Series 01 bond issue of IntrastBank. The loan has maturity of 3 years (1098 days). State registration number is 40103144B of December 28, 2011. Number of securities in the issue is 500 thousand units. Face value is RUR 1,000 per bond. The total size of the issue placed at par is RUR 500 mln.

TCB to place RUR 15 bln in exchange bonds

Fri, 25 May 2012 14:52:49 +0400

TRANSCAPITALBANK approved exchange bond issues (Series BO-01 - BO-05), the bank announced. Face value is RUR 1,000 per bond. The issue matures in 3 years. The sizes of issues BO-01 and BO-02 will be RUR 2 bln each; issues BO-03 and BO-04 RUR 3 bln each; BO-05 RUR 5 bln.

Cbonds News Agency has released Rankings of Security Traders - OVGZ Market Operators based on ...

Fri, 25 May 2012 14:40:46 +0400

Under the cooperation agreement with Ukrainian Stock Traders Association (AUFT), Cbonds News Agency has released its Rankings of Security Traders - Operators of the Domestic Sovereign Currency Bond Market (OVGZ market) in Ukraine based on results of Q1 2012. ...

Poland should present assumptions to hydrocarbon tax by mid-year

Fri, 25 May 2012 12:46:38 +0400

Poland should present assumptions for a new hydrocarbons tax by the end of H1, will construct the tax in such way as to make fiscal aspect of the tax to be secondary to securing stable environment for investors, deputy Finance Minister Maciej Grabowski told reporters. ...

Primary OVGZ-auction results: one friendly bid accepted

Fri, 25 May 2012 12:39:24 +0400

Taras Kotovych, Fixed-income analyst, Investment Capital Ukraine:

Like most of May�s primary auctions, yesterday�s attracted little demand. In contrast to last week�s auction, the MoF received only two bids. The first was a non-competitive bid for UAH36.0m of the 12-month bond (with no submitted interest rate) which was rejected because of insufficient demand. The other bid was for UAH128.07m of the 5-year bond at 13. ...

Polish new industrial orders up 3,8% y/y in April

Fri, 25 May 2012 12:34:08 +0400
Polish new industrial orders increased by 3.8% year on year in April after a 1.7% annual decline in March, the stats office GUS announced. ...

Polish April retail sales grow 5.5% y/y on 2.4% monthly decline

Fri, 25 May 2012 12:29:07 +0400
Polish retail sales missed expectations with 5.5% annual growth in April, after increasing 10.7% y/y in March, on a 2.4% monthly decline, the stats office GUS said. ...

Polish registered unemployment falls to 12.9% in April from 13.3% in March

Fri, 25 May 2012 12:25:39 +0400
Poland's registered unemployment rate decreased to 12.9% in April from 13.3% in March, according to Central Statistical Office (GUS) figures released Friday. ...

Zloty opens strong on Friday, T-bonds stable

Fri, 25 May 2012 12:19:04 +0400
The Polish zloty opens slightly stronger trading aroung 4.35 at EUR/PLN at the beginning of the Friday session and will rather see a calm week-ending session with the range between 4.33-4.37, while the Treasury market is likely in for a stable session, local players told PAP. ...

Erste Group: CEE Macro/Fixed Income Daily

Fri, 25 May 2012 11:46:06 +0400
Analysts� Views:

RO Bonds+FX: Market turmoil weighed slightly on the MinFin�s auction for 7Y bonds. The Treasury�s debt agency sold debt worth RON 417mn, below the initial plans of RON 500mn, at an average yield of 6.4% but bids totaled RON 907mn and the yield was 10 bps below market expectations. As the RON hit a new record low at 4. ...

Daily Overview of Emerging Markets Sovereign Eurobonds

Fri, 25 May 2012 10:57:33 +0400

Issue Sovereign rating (M/S&P/F)* Duration, years

VTB Capital will re-offer MICEX index-linked bonds

Fri, 25 May 2012 09:33:36 +0400
According to an analytical review by URALSIB Capital, VTB Capital plans to re-offer investors floating-rate bonds linked to MICEX index. This February, VTB Capital announced three issues totaling RUR 10 bln, but the papers were never placed. This time investors will be offered only Series 11 bonds in amount of RUR 5 bln. The book is scheduled to open on June 1 and close on June 6. The placement is scheduled for June 8. VTB (BBB/Baa1/BBB) will act as the guarantor. The issue is expected to be rat

Zloty expected to range-trade Friday, both FX and FI seen driven by global factors

Thu, 24 May 2012 17:50:17 +0400
The Polish zloty is expected to trade withing the EUR/PLN 4.33-4.37 range Friday, as both the currency and the debt market in Poland should remain driven by global factors, with little impact from local data, local players told PAP. ...

Polish banks likely to sell PLN 44 bln worth mortgage loans in 2012

Thu, 24 May 2012 17:44:26 +0400
Poland's mortgage loan sales in 2012 will likely amount to PLN 44 bln, after reaching PLN 10.2 bln in Q1, researcher AMRON and banking association ZBP said in a quarterly report on the mortgage market. ...

Rate council hiked in May as slowdown too weak, inflation too stubborn, real rates too close to zero

Thu, 24 May 2012 17:41:51 +0400
Poland's Monetary Policy Council hiked rates in May on conviction that the pending slowdown was too minimal to improve the outlook for disinflation to the inflation target, while steps must be taken to keep real real interest rates above zero, minutes to the May council sitting show. ...

Poland watches situation on FX market, considers it presently "quite stable"

Thu, 24 May 2012 17:36:16 +0400
Poland is closely following the situation on the FX market but considers it to be rather stable at the moment, deputy Finance Minister Dominik Radziwill told broadcaster TVN CNBC. ...

Cash-flush Poland can sit out primary debt market during current turbulence

Thu, 24 May 2012 17:31:19 +0400
Poland can sit out of the primary Treasury market until current turbulence clears and await better terms for its debt financing, deputy Finance Minister Dominik Radziwill told broadcaster TVN CNBC. ...

Yield up at Latvian 10 year bond auction

Thu, 24 May 2012 17:13:33 +0400
On Wednesday, 23 May, ten-year domestic government bonds were offered with maturity 27 October, 2022. Total demand for government 10 year T-Bonds in competitive multi-price auction achieved 24,46 million lats. Government T-Bonds with the total value of 8,0 million lats were sold during the government domestic securities competitive multi-price auction. In competitive multi-price auction in 23 May maximum yield rate was set 5,35%, weighted average yield rate was 5,307% (coupon 5,25%). On Thursda

EBRD/Raiffeisen Bank Russia funded municipal infrastructure facility in Russia

Thu, 24 May 2012 16:55:41 +0400
10 July 2012 the EBRD is considering establishing a participation facility of up to RUB 1,950 million to co-finance small and mid-sized municipal infrastructure projects in the Russian Federation together with Raiffeisen Bank Russia to meet the demand from the municipal sector for medium-sized loans provided on a long-term basis. Under the Facility the EBRD will participate in up to 50 per cent of the total amount of each sub-loan to municipal borrowers provided by RBRU. The municipal borrower

Ladya-Finance raises USD 12 mln from International Joint-Stock Bank

Thu, 24 May 2012 16:41:35 +0400
Ladya-Finance has signed a loan agreement with International Joint-Stock Bank for USD 12 mln. The loan repayment repayment date is November 21, 2013. The company and the bank has also signed a USD 24 mln security agreement. Previously, Ladya-Finance decided to issue BO-01 exchange bonds in amount of USD 500 mln. Face value is RUR 1000 per bond. The issues mature in 3 years. Number of securities in the issue is 500 thousand. The paper pays 3 coupons. The first coupon rate will be set at the aucti

UFS: Trading Ideas in the Eurobond Market

Thu, 24 May 2012 15:17:31 +0400
The coming weeks are expected to be a period of volatility, which is brought about by vague US economy prospects and a probability of a new stage of quantitative easing. At the moment we recommend keeping the most part of portfolio in short-term bonds. In case of increasing probability of new QE some long-term issues may be of interest as well.

However, we keep to our recommendations within the buy&hold strategy. ...

PSB repaid 2012 LPN in amount of USD 200 million

Thu, 24 May 2012 14:25:04 +0400
Promsvyazbank fully repaid Senior LPN issue of USD 200 mln, having redeemed the last coupon in amount of USD 9,625,000, the bank said. The Eurobonds with a fixed coupon of 9.625%, payable semi-annually, were issued in October 2006 by a Luxembourg-registered SPV PSB Finance SA.

The Board of MRSK of Volga to consider offering commercial papers June 8

Thu, 24 May 2012 14:24:30 +0400
The Board of MRSK of Volga will meet on June 8 to discuss placement of BO-01 and BO-02 exchange bonds, according to company materials. The company plans to approve the issue prospectus. Previously, the Board approved the company's monetary policy. The issuer decided to tap the public debt market by issuing exchange paper in amount of no more than RUR 7 billion. Maturity is expected to be up to 3 years.

Acron redeemed 1 million bonds of Series 04 and 05

Thu, 24 May 2012 14:21:49 +0400
Acron has announced that it redeemed 500 thousand bonds of Series 05. The state registration number is 4-06-00207-� of 05.05.2011. The issuer also redeemed Series 04 bonds in amount of 500 thousand units. State registration number is 4-05-00207-� of 05.05.2011. The bonds were redeemed on May 23, 2012.

Finance Ministry of Tula Region is looking for an arranger for RUR 5 bln in bonds

Thu, 24 May 2012 14:21:12 +0400
Finance Ministry of the Tula Region is holding a tender to choose an arranger for its 2012 government bond issue. The tender results will be finalized on June 27. According to tender documents, the size of the issue will be RUR 5 bln.

SMP Bank to offer RUR 3 bln in debut bonds May 29

Thu, 24 May 2012 14:20:48 +0400
SMP Bank has scheduled the offering of Series 01 bonds worth USD 3 bln for May 29. Earlier it was reported that SMP Bank was considering placing a debut bond issue before the end of May 2012. The arrangers of the prospective issue are ZENIT Bank and SMP Bank. Coupon rate guidance for the period until 6-months option is in the range of 10.00%-10.50%, which corresponds to the yield of 10.25%-10.78% p.a. The issue will be placed through public offering with book-building. The book will be open from

Acron to place RUR 15 bln in exchange bonds

Thu, 24 May 2012 14:17:21 +0400
Acron decided to issue Series BO-01, BO-02 and BO-03 bonds totaling RUR 15 billion, the company announced. The size of each issue is RUR 5 billion. The bonds will be placed through public offering. The issues mature in 3 years. Face value is RUR 1000 per bond. The issues cary put options. Coupons are semi-annual.

Metallservice-Finance redeemed Series 01 bonds

Thu, 24 May 2012 14:16:46 +0400
Metallservice-Finance has repaid Series 01 bonds in total amount of RUR1.5 billion, the company said. The issue was redeemed on May 23, 2012.

National Bank of Georgia lowers its policy rate by 25 basis points to 6%

Thu, 24 May 2012 12:15:14 +0400
The Monetary Policy Committee (MPC) of the National Bank of Georgia (NBG) met on May 23, 2012 and decided to lower its Main Policy Rate (the refinancing rate) by 25 basis points to 6 percent. According to the existing forecasts the annual inflation is expected to start moderate growth from June, although it will remain below the target both throughout this year and in the beginning of 2013. The annual inflation in April equaled -2.2%, the negative value of the inflation mostly due to the base

Zloty gains but seen range-trading on Thursday, T-bonds look stable

Thu, 24 May 2012 12:10:37 +0400
The zloty will trade in the range PLN 4.34-4.40 against euro on Thursday, being influenced mainly by the data from Germany, while T-bonds open on slightly stronger levels and will likely remain stable during the day, local players told PAP. ...

Polish PM, gov't & President see job approval ratings fall in May

Thu, 24 May 2012 12:05:10 +0400
Polish Prime Minister Donald Tusk and his government suffered further declines in their job approval ratings in May with net approval down by 7 pts and 3 pts respectively, while President Bronislaw Komorowski saw his net support drop significantly by 16 pts to still positive 9 pts , a survey by the TNS Polska pollster showed. ...

Polish housing loan stock increases by PLN 2.76 bln in April

Thu, 24 May 2012 12:01:44 +0400
Portfolio of mortgage loans to Polish households increased by PLN 2.76 bln in April to PLN 325.63 bln, the National Bank of Poland said in a report. ...