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Weekly Lists
April 19, 2019 www.intellinews.com I Page 29
bne:Credit
IIB placed record cheap CZK bond to high demand
Hungary-based development bank International Investment Bank (IIB) successfully closed a tap to the outstanding April 2021 CZK Floaters bond worth CZK750mn (€29mn), in line with the bank’s strategic goal of supporting the local capital markets development, according to an IIB press release published on April 16. IIB managed to double the original size of bond issue to CZK1.5bn (€58.45mn) due to high demand from local investors.
The tap deal was executed at a discount margin of 3M Pribor +
35 bps, down by 20 bps from 55 bps in April 2018 issuance. The reduction was considered to be “confirmation of the positive impact of IIB’s recent credit upgrades to an average level of A, solid financial results, shareholders’ strategic decisions on the
IIB headquarters’ relocation and approval of the new capitalisation programme until 2022,” the bank said.
Turkey's Halkbank has said it is to issue debt instruments and borrow on domestic and foreign markets to strengthen its capital base.
The capital base was weakened after the public lender provided low-interest loans in the wake of last year's currency crisis. Government officials have pressured state banks to step up such lending, a wave of which was called for in advance of the March 31 local elections.
The state-run bank said late on April 15 that it plans to issue debt instruments or borrow a total of €2bn and Turkish lira (TRY) 10bn ($1.74bn) on the Turkish market, and also borrow €euros or equivalent abroad.
International rating agency Standard & Poor's (S&P) has announced that it has revised the outlook for Georgia’s sovereign rating upwards from stable to positive.
The rating, currently in the non-investment speculative basket at BB-, would require a three-notch upgrade to become investment grade, however.
The positive outlook primarily reflects the agency’s view that Georgia's economic and external performance has the potential to outperform the current forecast over the next 12 months. S&P projects an annual growth rate of around 4% in the medium term.
Turkish public lender Halkbank to issue debt instruments and borrow at home and abroad to strengthen capital base
S&P revises Georgia’s outlook to positive, sees potential for country to out-perform