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Weekly Lists
June 16, 2017 www.intellinews.com I Page 26
bne:Credit Cash-strapped Belarus
said to start Eurobond roadshow
Cash-strapped Belarus has mandated Citigroup and Raiffeisen Bank International for fixed income investor meetings in the US and Europe commencing June 19, Reuters reported on June 14.
One team representing the issuer will visit London, Zurich and Frankfurt, and a second team will meet investors in Los Angeles, New York and Boston. The roadshow finishes on June 21. A dual- tranche 144A/Reg S senior unsecured US dollar offering comprise long five-year and ten-year maturities is expected to follow.
Belarus has not issued new Eurobonds since 2010-2011, when the former Soviet republic raised a total of $1.8bn.
In late 2016, Prime Minister Andrei Kobiakov said that Belarus considers $800mn issue of Eurobonds as “the most suitable size”.
Polish state-controlled power company Tauron has begun prepara- tions to place a €500mn Eurobond issue with European investors, the Warsaw-listed company said on June 14.
Tauron will use the proceeds from the issue to cover “the issuer’s expenses,” the company said. Poland’s state-controlled utilities are facing significant demands from Warsaw to invest in new generation capacity, as well as helping to stabilise the struggling coal mining sector. Tauron has hired a consortium of unnamed investment banks to prepare the issue and will soon launch an investment roadshow in Europe.
The issue’s maturity will be between 7 and 10 years. The final con- ditions for the issue will depend on market conditions, Tauron said. The company also said it would like the bonds to be traded on the London Stock Exchange.
The Czech central bank announced on June 13 that it will raise counter-cyclical capital requirements for banks as part of a campaign to temper hot credit markets.
The central bank has been pushing for some months to deflate the accelerating loans market – and the mortgage market in particular – due to fears that competitive lending amidst the cheap financing environment is creating a bubble that could rebound on the banking sector. The CNB warned in late May that it may move to raise the countercyclical buffer.
Polish utility Tauron preparing €500mn Eurobond issue
Czech National Bank raises counter-cyclical buffer