Page 10 - bne_newspaper_May_11_2018b

bne Chart
May 11, 2018 www.intellinews.com I Page 10
down on the $17.9bn raised last year thanks to Russia’s poor showing in April.
The main players in the CIS were Kazakhstan’s energy company KazMunayGaz and Ukraine’s metallurgical company Metinvest, which issued a total of $4.6bn in bonds.
Issuers were a lot more active in Central Europe where a total of 11 bonds were issued worth a collective $5.8bn, up on the same month a year ago with $3.5bn by 5 issuers. However, YTD that left the CEE region down year-on-year with a total of $19bn issued so far this year compared to $20.9bn issued by this time last year.
The biggest issue in CEE was a $2bn sovereign bond from the government of Turkey, which matures in 2028. So far this year, Turkey has raised a total of $4bn from international markets while it plans $6.5bn worth of Eurobond issues in all across 2018.
Its sovereign bond was joined by $500mn from the Export Credit Bank of Turkey that matures
in 2024. Turkish telecoms company Turkcell
also issued a 10-year $500mn bond as did EP Infrastructure, a gas transport company working in Central Europe, which issued a €750mn bond that matures in 2024. The other big bond of the month was a sovereign issue by Montenegro with a 7-year €500mn bond on April 12 at a favourable interest rate of 3.375%, the finance ministry said.
The new Eurobond is aimed at refinancing previous bond issues with a total amount of €362mn. The issues are due to be paid in 2019, 2020 and 2021.
Montenegrin Finance Minister Darko Radunovic said that foreign investors positively evaluated the activities of the finance ministry and the government following positive reviews put out by the International Monetary Fund (IMF) and the World Bank, as well as positive ratings from rating agencies. The demand for the issue totalled €1.482bn, almost three times more than the sold issue, the finance ministry said.