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Weekly Lists
June 14, 2019 www.intellinews.com I Page 22
bne:Credit Turkish rate-setters
decide this is no time to cut
Russian aluminium major Rusal prepares panda, ruble bonds
Turkey’s central bank on June 12 announced that a meeting of its monetary policy committee (MPC) has opted to keep its policy rate (the one-week repo auction rate) at 24%, where it’s been for nine months.
“Recently released data show that the rebalancing trend in the economy has continued. External demand maintains its relative strength while economic activity displays a slow pace, partly due to tight financial conditions. The current account balance is expected to maintain its improving trend,” the MPC said in a statement.
“Developments in domestic demand conditions and the tight mone- tary policy support disinflation. In order to contain the risks to pricing behaviour and to reinforce the disinflation process, the Committee has decided to maintain the tight monetary policy stance,” it added.
Russia's aluminium major Rusal is considering issuing yuan- denominated "panda bonds", as well as ruble-denominated domestic bonds, the company's financial market strategic director Oleg Muhamedshin told Reuters on June 10.
As reported by bne IntelliNews, after Rusal had the US sanctions lifted in February 2019, the company is expected to deliver solid results starting with 2Q19, and plans to tap debt markets again as its credit ratings remained intact.
Muhamedshin told Reuters an initial issue of RUB10bn ($155mn) will test the market, with possible extension of the placement given sufficient demand. In the beginning of April the company already placed RUB15bn issue yielding 9%, oversubscribing the initial RUB10bn proposed.
Georgia’s TBC Bank, the largest bank in the country on all key met- rics, on June 12 announced that it has successfully priced a debut $300mn, 5-year senior unsecured bonds issue.
Heavily overbooked, the issue was launched with a 5.75% coupon at a 6% yield, which the bank said was the lowest ever yield achieved by a Georgian issuer on the international debt markets.
It is expected that the bonds will be listed on the regulated Euronext Dublin market on or about June 19 with a rating of Ba2 by Moody's and BB- by Fitch. An application may be made to list the bonds on Georgia’s stock exchange as well. If successful, the issue would become Georgia’s first dual-listed international offering of senior unsecured notes.
Georgia’s largest lender TBC issues $300mn in unsecured bonds