Page 27 - bne_newspaper_October_19_2018

Weekly Lists
October 19, 2018 www.intellinews.com I Page 27
bne:Credit Turkey raises $2bn
from 5-year eurobond yielding 7.5%
The Turkish Treasury has raised $2bn from a US dollar-denominat- ed eurobond due December 2023 with a coupon rate of 7.25% and a yield to the investor of 7.50%, the authority said on October 17.
Initial expectations for the yield stood at around 7.75%, according to unnamed banking sources, Reuters reported on October 16 cit- ing the International Finance Review (IFR).
The spread over US bonds reached 447.5bp at the auction, marking a jump from 336.8bp in the April auction and 266.7bp in the January auction.
The offering attracted an orderbook of more than three times the actual issue size. Some 60% of the bonds have been sold to inves- tors in the US, 23% in the UK, 11% in other European countries, 5% in Turkey, and 1% in other regions.
Fitch Ratings affirmed Poland at A- with a stable outlook in a rating update published on October 12. The update brings no change compared to the agency’s previous takes on Poland’s debt credibility and is in line with expectations.
“Poland's A- rating reflects its diversified economy and strong macroeconomic fundamentals, supported by a sound economic policy framework, and a strong banking sector. These are balanced against weak GDP per capita and high external debt compared with the peer median,” Fitch wrote.
Poland’s GDP growth peaked at 5.2% y/y in the first half of 2018 and is expected to come in at 4.8% in 2018 before slowing down further to 3.6% in 2019, Fitch predicts.
Uzbekistan’s Hamkorbank and the European Bank for Reconstruc- tion and Development (EBRD) have signed agreements worth $15mn, Uzbek state-run media reported.
EBRD re-entered Uzbekistan after a 10-year hiatus in 2017. Between 1992 and 2010, the bank invested €894mn in 54 projects in the coun- try. In 2017, the EBRD signed up for its first operations in Uzbekistan since 2010, namely six operations involving more than €153mn. They included a financial package worth $30mn to Hamkorbank, the coun- try’s largest privately-owned commercial bank.
Fitch affirms Poland at A- with stable outlook
EBRD signs agreements worth $15mn with Uzbek Hamkorbank