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May 10, 2019 www.intellinews.com I Page 11
CEE monthly bond wrap: bond investors suffering April showers and still waiting for the flowers
bne IntelliNews
April was a poor month for bond issues in Central and Eastern Europe (CEE) as the two biggest markets – Russia and Turkey – were both suffering from political problems that depressed demand.
Central Europe issued a total of only four bonds worth collectively $1.9bn, which was less than half of the $5.8bn issued in the same month last year. In all the April crop of CE bonds was down by half or more compared to every year for the last three years.
However, year to date CE is still ahead of last year with a total of $20.7bn worth of issues over the first four months of this year compared to $19bn over the same period a year earlier. CE got off to a really good start to the year with is- sues worth between $5bn and $7bn each month
for the first three months, before the market dried up in April.
Amongst the biggest issues was a €1bn sover- eign issue by Slovakia that matures in 2030 and yields 0.75%. CPI Property Group also issued
a €500mn bond that yields 4.875%.
The story was similar in Eastern Europe where a total of nine issues raised a total of $1.8bn that was significantly down on the $5.2bn that was raised in April a year earlier.
Year to date the picture was also poor with
the 37 issues so far this year raising a total of $11.8bn against the $16.9bn that was raised in the first four months of last year from a total of 35 bonds.