CEEMEA Bond Issuance FY13 Report
Transcript of CEEMEA Bond Issuance FY13 Report
Page 3 — FY13 issuance by region, quarter & month Page 8 — Country & sector analysis Page 16 — Issuer analysis Page 23 — Major bond issues by size/yield Page 34 — Tenor & currency analysis Page 40 — Re-offer rates, tenors & ratings
CEEMEA FY13
BOND ISSUANCE
SELECT A REGION
CHARTS & DATA
FULL CONTENTS LIST
CENTRAL EUROPE
MIDDLE EAST AFRICA
EASTERN EUROPE
Page 57 — New issues by date; analysis
Page 65 — New issues by date; analysis
Page 81 — New issues by date; analysis
Page 90 — New issues by date; analysis
Page 2
2
CHARTS & DATA
Page 3 — FY13 issuance by region, quarter & month
COUNTRY & SECTOR ANALYSIS Page 9 — Full country breakdown (no. of deals, amount) Page 10 — Issuance by sub-region/country Page 11 — Sector breakdown, FY13 Page 12 — Sector breakdown, 1Q13 Page 13 — Sector breakdown, 2Q13 Page 14 — Sector breakdown, 3Q13 Page 15 — Sector breakdown, 4Q13
ISSUER ANALYSIS Page 17 — Top sovereign deals by size Page 18 — Top financial institution deals by size Page 19 — Top corporate deals by size Page 20 — Issuer breakdown by quarter (amount/no. of deals) Page 21 — Issuer breakdown by month (amount) Page 22 — Issuer breakdown by month (no. of deals)
MAJOR BOND ISSUES BY SIZE/YIELD Page 24 — FY13 by amount, by sub-region Page 25 — 1Q13 by amount, by sub-region Page 26 — 2Q13 by amount, by sub-region Page 27 — 3Q13 by amount, by sub-region Page 28 — 4Q13 by amount, by sub-region Page 29 — FY13 by re-offer yield, by sub-region Page 30 — 1Q13 by re-offer yield, by sub-region Page 31 — 2Q13 by re-offer yield, by sub-region Page 32 — 3Q13 by re-offer yield, by sub-region Page 33 — 4Q13 by re-offer yield, by sub-region
REGIONAL OVERVIEW
TENOR & CURRENCY ANALYSIS Page 35 — FY13 maturity breakdown Page 36 — Quarterly maturity breakdowns Page 37 — FY13 currency breakdown Page 38 — Quarterly currency breakdowns Page 39 — Quarterly currency breakdowns, YoY
RE-OFFER RATES, TENORS & RATINGS CENTRAL EUROPE Page 41 — 1Q13 data points Page 42 — 2Q13 data points Page 43 — 3Q13 data points Page 44 — 4Q13 data points EASTERN EUROPE Page 45 — 1Q13 data points Page 46 — 2Q13 data points Page 47 — 3Q13 data points Page 48 — 4Q13 data points MIDDLE EAST Page 49 — 1Q13 data points Page 50 — 2Q13 data points Page 51 — 3Q13 data points Page 52 — 4Q13 data points AFRICA Page 53 — 1Q13 data points Page 54 — 2Q13 data points Page 55 — 3Q13 data points Page 56 — 4Q13 data points
CENTRAL EUROPE Page 57 — New issues by date; analysis
EASTERN EUROPE Page 65 — New issues by date; analysis
MIDDLE EAST Page 81 — New issues by date; analysis
AFRICA Page 90 — New issues by date; analysis
CEEMEA BOND ISSUANCE FY13│CONTENTS
This DW Issuance Report tracks CEEMEA bond issuances meeting at least one of the following criteria: - USD 25m-equivalent tap or add-ons - Publicly-traded hard currency/Euroclearable issues Due to rounding, some of the figures in this report may not add up to 100%
SUB-REGIONAL ANALYSIS
3
CEEMEA BOND ISSUANCE FY13│REGIONAL OVERVIEW
Eastern Europe153 issues
51%
Central Europe49 issues
16%
Middle East61 issues
20%
Africa37 issues
13%
Eastern EuropeUSD 87.5bn
46%
Central EuropeUSD 41.1bn
21%
Middle EastUSD 37.7bn
20%
AfricaUSD 24.9bn
13%
CENTRAL EUROPE USD 41.1bn
49 issues
EASTERN EUROPE USD 87.5bn 153 deals
MIDDLE EAST USD 37.7bn 61 deals
AFRICA USD 24.9bn 37 deals
NUMBER OF DEALS: 300
OVERALL VOLUME: USD 191.2bn
SELECT REGION TO EXPAND
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USD 84
USD 39USD 42
USD 13
USD 88
USD 41USD 38
USD 25
0
20
40
60
80
100
Eastern Europe Central Europe Middle East Africa
2012 2013in USDbn
131
5362
24
153
49
61
37
0
20
40
60
80
100
120
140
160
Eastern Europe Central Europe Middle East Africa
2012 2013No. of issues
4
1Q13 2Q13
CEEMEA BOND ISSUANCE FY13│REGIONAL OVERVIEW
Region No. of issues Amount issued
(USDm)
Average coupon
Average re-offer
price
Average re-offer
yield
Eastern Europe 60 29,519 5.995% 100.149 6.391%
Central Europe 14 14,549 3.946% 100.394 4.153%
Middle East 19 13,468 4.343% 99.455 4.364%
Africa 5 2,830 5.063% 99.100 6.790%
Total/weighted average 98 60,367 5.334% 99.996 5.698%
3Q13 4Q13
Eastern Europe
60 issues
61%
Central Europe
14 issues
14%
Middle East19 issues
20%
Africa5 issues
5%
Eastern Europe
USD 29.5bn
49%
Central Europe
USD 14.5bn
24%
Middle EastUSD 13.5bn
22%
AfricaUSD 2.8bn
5%
Eastern Europe
47 issues
52%
Central Europe
12 issues
14%
Middle East20 issues
22%
Africa11 issues
12%
Eastern Europe
USD 28.2bn
52%
Central Europe
USD 8.3bn
15%
Middle EastUSD 10.1bn
19%
AfricaUSD 7.3bn
14%
Region No. of issues Amount issued
(USDm)
Average coupon
Average re-offer
price
Average re-offer
yield
Eastern Europe 47 28,190 6.183% 100.064 6.223%
Central Europe 12 8,326 5.523% 99.576 4.729%
Middle East 20 10,136 4.624% 99.813 4.964%
Africa 11 7,254 3.773% 99.627 4.117%
Total/weighted average 90 53,905 5.454% 99.890 5.487%
Eastern Europe
16 issues
38%
Central Europe
10 issues
24%
Middle East5 issues
12%
Africa11 issues
26%
Eastern Europe
USD 13.3bn
42%
Central Europe
USD 5.0bn
16%
Middle EastUSD 3.6bn
12%
AfricaUSD 9.3bn
30%
Region No. of issues Amount issued
(USDm)
Average coupon
Average re-offer
price
Average re-offer
yield
Eastern Europe 16 13,303 5.243% 98.987 5.837%
Central Europe 10 5,017 4.659% 97.154 5.693%
Middle East 5 3,625 5.450% 100.314 4.942%
Africa 11 9,300 5.989% 99.429 6.108%
Total/weighted average 42 31,245 5.324% 98.824 5.767%
Region No. of issues Amount issued
(USDm)
Average coupon
Average re-offer
price
Average re-offer
yield
Eastern Europe 30 16,510 6.302% 100.002 6.288%
Central Europe 13 13,205 5.248% 99.859 5.144%
Middle East 17 10,506 5.124% 99.784 4.945%
Africa 10 5,489 7.263% 99.824 7.500%
Total/weighted average 70 45,709 5.957% 99.897 5.922%
Eastern Europe
30 issues
43%
Central Europe
13 issues
19%
Middle East17 issues
24%Africa10 issues
14%
Eastern Europe
USD 16.5bn
36%
Central Europe
USD 13.2bn
29%
Middle EastUSD 10.5bn
23%Africa
USD 5.5bn
12%
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QUARTERLY by amount issued (in USDbn) vs FY11-12
CEEMEA BOND ISSUANCE FY13│REGIONAL OVERVIEW
QUARTERLY by number of issues vs FY11-12
7 61
1 5 2 8 9 5 11 11 107 9
516
1613 6
27
1920
51710
16
4
4
16
9 15
13
1412
10
1326
24
5
11
18
23
40
5060 47
16
305055
15
32
5547
69
99 9890
42
70
0
20
40
60
80
100
120
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
Eastern Europe Central Europe Middle East AfricaNo. of issues
4.7 2.40.5
0.5 3.2 0.7 4.9 3.8 2.87.3 9.3 5.5
5.45.5
2.2
14.2 11.08.5
5.816.5
13.510.1 3.6 10.5
12.111.3
2.7
3.112.2
6.7 7.2
13.114.5 8.3
5.0
13.2
17.514.9
1.7
5.5
17.9
11.7
24.6
29.729.5
28.2
13.3
16.5
39.6
34.0
7.1
23.2
44.3
27.6
42.6
63.160.4
53.9
31.2
45.7
0
20
40
60
80
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
Eastern Europe Central Europe Middle East Africain USDbn
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MONTHLY by amount (in USDbn) vs FY12
CEEMEA BOND ISSUANCE FY13│REGIONAL OVERVIEW
2.50.4 0.3 0.7
2.51.0 1.4 0.4 1.9 1.5 1.0 1.3 0.6
2.3
4.8
0.2
6.3
3.00.9
3.11.5
3.2
2.85.0
1.8 1.3
5.5
5.0
0.82.7
6.9 6.9
5.03.0
5.4
4.6
4.5
1.1
2.6
1.0 6.0
4.5
5.9
4.0
2.2
3.3
1.9
1.50.4
1.3
5.5
8.9
3.7
0.54.4 7.1 3.0 1.3
6.1
0.9
0.6
0.2
4.2
4.5
8.5
0.2
4.5
4.4
8.9
5.1
1.3
5.4
12.5
2.9
9.3
12.810.4
6.5
11.110.8
7.6
22.7
4.9
0.6
2.2
0.5
10.7
7.3
8.4
0.8
16.1
11.7
16.5
10.1
4.5
13.1
20.4
6.0
16.2
24.7
22.9
15.4
21.522.2
16.6
30.9
20.2
2.8
11.8
0.6
18.8 18.8
24.4
2.5
0
5
10
15
20
25
30
35
Eastern Europe Central Europe Middle East Africain USDbn
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7
2 2 1 25
1 2 1
6
2 13
14
6
1
9
2 2
7
1
5 4 7
3 2
84
2
5
9
13
75
7
9
9
2
4
1
10
76
4
6
5
3
11
6 8
7
5
1
5 4 5
2
7
3
1
1
8
75
1
48
6
9
4
10
21
5
14
22
16
1220
24
16
32
12
3
4
1
11
13 14
3
1718
20
17
9
21
31
14
24
3536
28
33
36
29
47
34
9
18
2
22
3233
5
0
10
20
30
40
50
Eastern Europe Central Europe Middle East Africa
No. of issues
MONTHLY by number of issues vs FY12
CEEMEA BOND ISSUANCE FY13│REGIONAL OVERVIEW << BACK TO CONTENTS
8
COUNTRY & SECTOR
ANALYSIS
CEEMEA BOND ISSUANCE
Page 9 — Full country breakdown (no. of deals, amount) Page 10 — Issuance by sub-region/country Page 11 — Sector breakdown, FY13 Page 12 — Sector breakdown, 1Q13 Page 13 — Sector breakdown, 2Q13 Page 14 — Sector breakdown, 3Q13 Page 15 — Sector breakdown, 4Q13
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9
CEEMEA BOND ISSUANCE FY13│FULL COUNTRY BREAKDOWN
1 issue
1 issue
1 issue
1 issue
1 issue
1 issue
1 issue
1 issue
1 issue
1 issue
1 issue
2 issues
2 issues
2 issues
2 issues
2 issues
3 issues
3 issues
4 issues
5 issues
6 issues
6 issues
6 issues
6 issues
7 issues
7 issues
8 issues
9 issues
9 issues
9 issues
9 issues
10 issues
10 issues
14 issues
27 issues
30 issues
91 issues
Armenia
Azerbaijan
Burundi
Gabon
Georgia
Ghana
Jordan
Montenegro
Oman
Rwanda
Tanzania
Bahrain
Bulgaria
Egypt
Lithuania
Serbia
Croatia
Morocco
Lebanon
Romania
Israel
Nigeria
Saudi Arabia
Slovenia
Czech Republic
Kazakhstan
Poland
Hungary
Qatar
South Africa
Supranational
Other
Slovakia
Ukraine
Turkey
UAE
Russia
USD 0.1bn
USD 0.2bn
USD 0.3bn
USD 0.4bn
USD 0.5bn
USD 0.6bn
USD 0.7bn
USD 0.8bn
USD 0.8bn
USD 1.0bn
USD 1.1bn
USD 1.2bn
USD 1.3bn
USD 1.5bn
USD 2.1bn
USD 2.2bn
USD 2.5bn
USD 2.6bn
USD 3.0bn
USD 3.4bn
USD 3.4bn
USD 3.7bn
USD 4.6bn
USD 4.8bn
USD 4.9bn
USD 5.3bn
USD 5.4bn
USD 5.7bn
USD 6.2bn
USD 6.4bn
USD 6.6bn
USD 6.8bn
USD 8.3bn
USD 9.4bn
USD 15.8bn
USD 16.5bn
USD 51.5bn
Montenegro
Georgia
Burundi
Rwanda
Oman
Tanzania
Armenia
Ghana
Lithuania
Azerbaijan
Morocco
Bulgaria
Jordan
Gabon
Lebanon
Bahrain
Serbia
Nigeria
Czech Republic
Israel
Croatia
Egypt
Supranational
Poland
Kazakhstan
Saudi Arabia
Other
Qatar
Romania
Ukraine
Slovenia
South Africa
Hungary
Slovakia
Turkey
UAE
Russia
NUMBER OF DEALS AMOUNT ISSUED (USDm)
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10
USD 0.8bn
USD 3.4bn
USD 4.8bn
USD 6.6bn
USD 3.0bn
USD 4.8bn
USD 8.3bn
USD 9.4bn
2 issues
3 issues
4 issues
6 issues
7 issues
8 issues
9 issues
10 issues
Lithuania
Croatia
Romania
Slovenia
Czech Republic
Poland
Hungary
Slovakia
CENTRAL EUROPE EASTERN EUROPE
CEEMEA BOND ISSUANCE FY13│COUNTRY BREAKDOWN BY REGION
MIDDLE EAST AFRICA
USD 0.5bn
USD 1.3bn
USD 0.9bn
USD 2.2bn
USD 2.1bn
USD 3.4bn
USD 5.3bn
USD 5.7bn
USD 16.5bn
1 issue
1 issue
2 issues
2 issues
4 issues
6 issues
6 issues
9 issues
30 issues
Oman
Jordan
Other
Bahrain
Lebanon
Israel
Saudi Arabia
Qatar
UAE
USD 0.3bn
USD 0.4bn
USD 0.6bn
USD 0.8bn
USD 1.5bn
USD 3.7bn
USD 1.1bn
USD 3.3bn
USD 2.6bn
USD 3.9bn
USD 6.8bn
1 issue
1 issue
1 issue
1 issue
1 issue
2 issues
3 issues
5 issues
6 issues
7 issues
9 issues
Burundi
Rwanda
Tanzania
Ghana
Gabon
Egypt
Morocco
Other
Nigeria
Supranational
South Africa
USD 0.1bn
USD 0.2bn
USD 0.7bn
USD 1.0bn
USD 1.4bn
USD 0.7bn
USD 1.2bn
USD 2.5bn
USD 1.2bn
USD 4.9bn
USD 6.4bn
USD 15.8bn
USD 51.5bn
1 issue
1 issue
1 issue
1 issue
1 issue
2 issues
2 issues
2 issues
3 issues
7 issues
14 issues
27 issues
91 issues
Montenegro
Georgia
Armenia
Azerbaijan
Romania
Supranational
Bulgaria
Serbia
Other
Kazakhstan
Ukraine
Turkey
Russia
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11
USD 0.2bn
USD 0.2bn
USD 0.8bn
USD 1.0bn
USD 1.0bn
USD 1.4bn
USD 1.7bn
USD 2.0bn
USD 2.5bn
USD 2.6bn
USD 4.2bn
USD 8.0bn
USD 9.0bn
USD 10.3bn
USD 31.4bn
USD 49.2bn
USD 65.9bn
Defence
Services: other
Industrial products & services
Consumer: retail
Utilities
Construction
Consumer: other
Media
Real estate
Agriculture
Chemicals & materials
Transport
Telecoms
Metals & mining
Energy
Financial services
Sovereign
1 issue
1 issue
1 issue
1 issue
1 issue
2 issues
4 issues
4 issues
5 issues
6 issues
6 issues
14 issues
15 issues
17 issues
44 issues
57 issues
121 issues
Construction
Defence
Industrial products & services
Services: other
Utilities
Consumer: retail
Consumer: other
Media
Real estate
Agriculture
Chemicals & materials
Metals & mining
Telecoms
Transport
Energy
Sovereign
Financial services
SUMMARY by number of issues by amount issued (in USDbn)
CEEMEA BOND ISSUANCE FY13│SECTOR BREAKDOWN
Region No. of issues
Amount issued
(USDm)
Average coupon
Average re-offer
price
Average re-offer
yield Agriculture 6 2,575 9.158% 99.806 9.208%
Chemicals & materials 6 4,206 4.270% 99.758 4.309%
Construction 1 1,356 4.781% 100.000 4.781%
Consumer: other 4 1,665 6.938% 99.158 5.019%
Consumer: retail 2 977 11.438% 98.250 11.895%
Defence 1 200 4.550% 100.000 4.550%
Energy 44 31,379 5.570% 99.848 5.438%
Financial services 121 49,200 5.473% 99.866 6.039%
Industrial products & services 1 750 3.500% 99.582 3.568%
Media 4 1,964 7.594% 100.250 8.125%
Metals & mining 14 10,279 5.164% 99.849 5.331%
Real estate 5 2,522 5.945% 99.758 6.020%
Services: other 1 200 12.000% 100.000 12.000%
Sovereign 57 65,931 4.665% 99.563 4.743%
Telecoms 15 8,975 5.799% 99.616 5.902%
Transport 17 8,047 6.193% 100.117 6.167%
Utilities 1 1,000 3.000% 100.000 3.000%
Total/weighted average 300 191,227 5.523% 112.121 5.746%
EASTERN EUROPE CENTRAL EUROPE MIDDLE EAST AFRICA
USD 0.2bn
USD 0.8bn
USD 1.0bn
USD 2.0bn
USD 3.0bn
USD 2.6bn
USD 7.7bn
USD 4.3bn
USD 18.5bn
USD 19.9bn
USD 27.6bn
1 issue
1 issue
2 issues
3 issues
5 issues
6 issues
11 issues
11 issues
15 issues
23 issues
75 issues
Defence
Industrial products & services
Consumer: other
Chemicals & materials
Telecoms
Agriculture
Metals & mining
Transport
Sovereign
Energy
Financial services
USD 0.5bn
USD 0.6bn
USD 0.8bn
USD 1.5bn
USD 1.0bn
USD 1.1bn
1 issue
1 issue
1 issue
1 issue
2 issues
4 issues
Transport
Consumer: retail
Telecoms
Sovereign
Energy
Financial services
USD 0.2bn
USD 0.4bn
USD 0.5bn
USD 1.4bn
USD 0.7bn
USD 1.0bn
USD 1.0bn
USD 1.7bn
USD 2.9bn
USD 3.2bn
USD 28.1bn
1 issue
1 issue
1 issue
1 issue
2 issues
2 issues
2 issues
4 issues
5 issues
10 issues
20 issues
Chemicals & materials
Metals & mining
Real estate
Construction
Consumer: other
Media
Transport
Telecoms
Energy
Financial services
Sovereign
USD 0.2bn
USD 1.0bn
USD 2.0bn
USD 1.8bn
USD 2.0bn
USD 2.9bn
USD 8.6bn
USD 6.6bn
USD 12.7bn
1 issue
1 issue
2 issues
2 issues
4 issues
4 issues
11 issues
13 issues
23 issues
Services: other
Utilities
Chemicals & materials
Transport
Real estate
Telecoms
Sovereign
Energy
Financial services
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12
SUMMARY by number of issues by amount issued (in USDbn)
CEEMEA BOND ISSUANCE 1Q13│SECTOR BREAKDOWN
Region No. of issues
Amount issued
(USDm)
Average coupon
Average re-offer
price
Average re-offer
yield
Agriculture 3 1,025 10.000% 100.000 10.000%
Chemicals & materials 2 1,500 4.059% 100.000 4.059%
Consumer: other 1 500 5.000% 99.031 5.125%
Consumer: retail 1 405 9.500% 96.500 10.415%
Energy 11 8,593 5.292% 99.881 5.319%
Financial services 46 17,902 5.607% 100.222 6.273%
Metals & mining 4 2,267 5.881% 100.000 5.881%
Sovereign 18 20,854 4.054% 100.015 3.999%
Telecoms 6 3,268 5.705% 99.255 6.124%
Transport 5 3,053 4.456% 99.854 4.488%
Utilities 1 1,000 3.000% 100.000 3.000%
Total/weighted average 98 60,367 5.355% 99.995 5.698%
EASTERN EUROPE CENTRAL EUROPE MIDDLE EAST AFRICA
USD 0.4bn
USD 0.6bn
USD 0.6bn
USD 1.3bn
1 issue
1 issue
1 issue
2 issues
Consumer: retail
Transport
Sovereign
Financial services
USD 0.3bn
USD 0.4bn
USD 0.3bn
USD 0.7bn
USD 13.0bn
1 issue
1 issue
1 issue
1 issue
10 issues
Financial services
Metals & mining
Telecoms
Energy
Sovereign
USD 1.0bn
USD 1.0bn
USD 1.8bn
USD 2.2bn
USD 3.3bn
USD 4.2bn
1 issue
2 issues
2 issues
3 issues
4 issues
7 issues
Utilities
Telecoms
Transport
Energy
Sovereign
Financial services
1 issue
1 issue
1 issue
2 issues
3 issues
4 issues
5 issues
6 issues
11 issues
18 issues
46 issues
Consumer: retail
Consumer: other
Utilities
Chemicals & materials
Agriculture
Metals & mining
Transport
Telecoms
Energy
Sovereign
Financial services
USD 0.4bn
USD 0.5bn
USD 1.0bn
USD 1.0bn
USD 1.5bn
USD 2.3bn
USD 3.1bn
USD 3.3bn
USD 8.6bn
USD 17.9bn
USD 20.9bn
Consumer: retail
Consumer: other
Utilities
Agriculture
Chemicals & materials
Metals & mining
Transport
Telecoms
Energy
Financial services
Sovereign
USD 0.5bn
USD 0.7bn
USD 1.5bn
USD 1.0bn
USD 1.9bn
USD 2.0bn
USD 4.0bn
USD 5.7bn
USD 12.1bn
1 issue
2 issues
2 issues
3 issues
3 issues
3 issues
3 issues
7 issues
36 issues
Consumer: other
Transport
Chemicals & materials
Agriculture
Metals & mining
Telecoms
Sovereign
Energy
Financial services
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13
SUMMARY by number of issues by amount issued (in USDbn)
CEEMEA BOND ISSUANCE 2Q13│SECTOR BREAKDOWN
Region No. of issues
Amount issued
(USDm)
Average coupon
Average re-offer
price
Average re-offer
yield
Agriculture 3 1,550 8.317% 99.612 8.417%
Chemicals & materials 2 700 6.063% 99.633 6.124%
Consumer: other 2 665 9.000% - -
Energy 15 12,116 5.504% 99.677 5.447%
Financial services 33 13,204 4.890% 100.198 5.285%
Industrial products & services 1 750 3.500% 99.582 3.568%
Metals & mining 8 5,762 4.340% 99.735 4.633%
Real estate 2 972 6.250% 99.733 6.313%
Sovereign 14 13,753 5.070% 99.473 5.139%
Telecoms 3 1,650 4.667% 99.572 4.739%
Transport 7 2,784 7.732% 100.409 7.642%
Total/weighted average 90 53,905 5.431% 97.677 5.406%
EASTERN EUROPE CENTRAL EUROPE MIDDLE EAST AFRICA
USD 0.5bn
USD 0.5bn
USD 0.8bn
USD 2.8bn
USD 1.6bn
USD 2.8bn
USD 4.8bn
USD 8.7bn
USD 5.8bn
1 issue
1 issues
1 issues
2 issues
3 issues
7 issues
7 issues
9 issues
16 issues
Telecoms
Chemicals & materials
Industrial products & services
Sovereign
Agriculture
Transport
Metals & mining
Energy
Financial services
USD 0.5bn
USD 1.0bn
USD 3.9bn
USD 1.9bn
1 issue
1 issue
4 issues
5 issues
Telecoms
Metals & mining
Sovereign
Financial services
USD 0.2bn
USD 0.5bn
USD 0.5bn
USD 0.7bn
USD 1.4bn
USD 5.1bn
1 issue
1 issue
2 issues
2 issues
2 issues
4 issues
Chemicals & materials
Real estate
Financial services
Consumer: other
Energy
Sovereign
1 issue
2 issues
2 issues
2 issues
3 issues
3 issues
7 issues
8 issues
14 issues
15 issues
33 issues
Industrial products & services
Chemicals & materials
Real estate
Consumer: other
Agriculture
Telecoms
Transport
Metals & mining
Sovereign
Energy
Financial services
USD 0.7bn
USD 0.7bn
USD 0.8bn
USD 1.0bn
USD 1.6bn
USD 1.7bn
USD 2.8bn
USD 5.8bn
USD 12.1bn
USD 13.2bn
USD 13.8bn
Consumer: other
Chemicals & materials
Industrial products & services
Real estate
Agriculture
Telecoms
Transport
Metals & mining
Energy
Financial services
Sovereign
USD 0.7bn
USD 0.5bn
USD 2.0bn
USD 2.1bn
USD 5.0bn
1 issue
1 issue
4 issues
4 issues
10 issues
Telecoms
Real estate
Energy
Sovereign
Financial services
<< BACK TO CONTENTS
14
SUMMARY by number of issues by amount issued (in USDbn)
CEEMEA BOND ISSUANCE 3Q13│SECTOR BREAKDOWN
Region No. of issues
Amount issued
(USDm)
Average coupon
Average re-offer
price
Average re-offer
yield
Chemicals & materials 1 1,000 2.625% 100.000 2.625%
Consumer: other 1 500 4.750% 99.285 4.913%
Energy 7 4,519 5.988% 100.176 5.908%
Financial services 12 4,662 4.588% 96.998 6.098%
Media 4 1,964 7.594% 100.250 8.125%
Metals & mining 1 1,250 8.500% 100.000 8.500%
Sovereign 13 15,930 5.154% 98.831 5.445%
Transport 3 1,420 4.458% 99.953 4.467%
Total/weighted average 42 31,245 5.324% 98.813 5.887%
EASTERN EUROPE CENTRAL EUROPE MIDDLE EAST AFRICA
USD 0.5bn
USD 0.5bn
USD 2.4bn
USD 2.3bn
USD 7.7bn
1 issue
1 issue
3 issues
5 issues
6 issues
Consumer: other
Transport
Energy
Financial services
Sovereign
USD 1.0bn
USD 1.3bn
USD 1.0bn
USD 1.3bn
USD 4.8bn
1 issue
1 issue
2 issues
2 issues
5 issues
Energy
Metals & mining
Media
Financial services
Sovereign
USD 2.0bn
USD 1.0bn
USD 1.0bn
USD 1.1bn
1 issue
2 issues
2 issues
5 issues
Sovereign
Media
Transport
Financial services
1 issue
1 issue
1 issue
3 issues
4 issues
7 issues
12 issues
13 issues
Consumer: other
Chemicals & materials
Metals & mining
Transport
Media
Energy
Financial services
Sovereign
1 issue
1 issue
1 issue
USD 1.4bn
USD 2.0bn
USD 4.5bn
USD 4.7bn
USD 15.9bn
Consumer: other
Chemicals & materials
Metals & mining
Transport
Media
Energy
Financial services
Sovereign
USD 1.0bn
USD 1.5bn
USD 1.1bn
1 issue
1 issue
3 issues
Chemicals & materials
Sovereign
Energy
<< BACK TO CONTENTS
15
SUMMARY by number of issues by amount issued (in USDbn)
CEEMEA BOND ISSUANCE 4Q13│SECTOR BREAKDOWN
Region No. of issues
Amount issued
(USDm)
Average coupon
Average re-offer
price
Average re-offer
yield
Chemicals & materials 1 1,006 2.750% 99.280 2.865%
Construction 1 1,356 4.781% 100.000 4.781%
Consumer: retail 1 573 13.375% 100.000 13.375%
Defence 1 200 4.550% 100.000 4.550%
Energy 11 6,150 5.670% 99.823 5.309%
Financial services 30 13,433 6.252% 99.973 6.389%
Metals & mining 1 1,000 5.550% 100.000 5.550%
Real estate 3 1,550 5.741% 99.774 5.824%
Services: other 1 200 12.000% 100.000 12.000%
Sovereign 12 15,395 4.514% 99.762 4.535%
Telecoms 6 4,057 6.444% 100.000 6.333%
Transport 2 791 7.750% 100.000 7.750%
Total/weighted average 70 45,709 5.978% 99.900 5.980%
EASTERN EUROPE CENTRAL EUROPE MIDDLE EAST AFRICA
USD 0.2bn
USD 0.3bn
USD 0.5bn
USD 1.0bn
USD 3.0bn
USD 4.0bn
USD 7.4bn
1 issue
1 issue
1 issue
1 issue
4 issues
4 issues
18 issues
Defence
Transport
Telecoms
Metals & mining
Energy
Sovereign
Financial services
USD 0.5bn
USD 0.6bn
USD 0.8bn
USD 1.5bn
USD 1.0bn
USD 1.1bn
1 issue
1 issue
1 issue
1 issue
2 issues
4 issues
Transport
Consumer: retail
Telecoms
Sovereign
Energy
Financial services
USD 1.4bn
USD 0.9bn
USD 1.4bn
USD 1.5bn
USD 8.1bn
1 issue
2 issues
2 issues
3 issues
5 issues
Construction
Energy
Financial services
Telecoms
Sovereign
1 issue
1 issue
1 issue
1 issue
1 issue
1 issue
2 issue
3 issues
6 issues
11 issues
12 issues
30 issues
Chemicals & materials
Construction
Consumer: retail
Defence
Metals & mining
Services: other
Transport
Real estate
Telecoms
Energy
Sovereign
Financial services
USD 0.2bn
USD 0.2bn
USD 0.6bn
USD 0.8bn
USD 1.0bn
USD 1.0bn
USD 1.4bn
USD 1.6bn
USD 4.1bn
USD 6.2bn
USD 13.4bn
USD 15.4bn
Defence
Services: other
Consumer: retail
Transport
Metals & mining
Chemicals & materials
Construction
Real estate
Telecoms
Energy
Financial services
Sovereign
USD 0.2bn
USD 1.0bn
USD 1.3bn
USD 1.8bn
USD 1.3bn
USD 1.6bn
USD 3.5bn
1 issue
1 issue
1 issue
2 issues
3 issues
3 issues
6 issues
Services: other
Chemicals & materials
Telecoms
Sovereign
Energy
Real estate
Financial services
<< BACK TO CONTENTS
16
Page 17 — Top sovereign deals by size Page 18 — Top financial institution deals by size Page 19 — Top corporate deals by size Page 20 — Issuer breakdown by quarter (amount/no. of deals) Page 21 — Issuer breakdown by month (amount) Page 22 — Issuer breakdown by month (no. of deals)
ISSUER ANALYSIS
CEEMEA BOND ISSUANCE << BACK TO CONTENTS
17
CEEMEA BOND ISSUANCE FY13│TOP SOVEREIGN DEALS BY SIZE
No. Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country S&P/Moody’s/Fitch
1 Russia 09-Sep USD 3,000 3,000 4.875% 98.162 5.112% 16-Sep-23 Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital
Russia BBB Baa1 BBB
2 Egypt 28-May USD 2,700 2,700 4.250% 100.000 4.250% 28-Nov-14 HSBC, Qatar National Bank Egypt B- B3 B
3 Hungary 18-Nov EUR 2,000 2,699 5.750% 98.657 5.930% 22-Nov-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Hungary BB Ba1 BB+
4 Slovenia 02-May USD 2,500 2,500 5.850% 98.884 6.000% 10-May-23 BNP Paribas, Deutsche Bank, JPMorgan Slovenia A- Ba1 A-
5 Slovakia 20-Feb EUR 1,750 2,337 3.000% 100.000 3.000% 28-Feb-23 Deutsche Bank, ING, Societe Generale, Slovenska Sportilena Slovakia NR A2 A
6 Slovenia 15-Nov EUR 1,500 2,019 4.700% 99.604 - 01-Nov-16 JPMorgan Slovenia A- NR BBB+
7 Hungary 12-Feb USD 2,000 2,000 5.375% 99.564 5.432% 21-Feb-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Hungary BB Ba1 BB+
7 South Africa 09-Sep USD 2,000 2,000 5.875% 98.422 6.062% 16-Sep-25 Deutsche Bank, Rand Merchant Bank, Standard Bank South Africa BBB Baa1 BBB
8 Romania 12-Sep EUR 1,500 1,991 4.625% 99.160 4.769% 18-Sep-20 Citigroup, HSBC, Deutsche Bank, Societe Generale Romania BB+ Baa3 BBB-
9 Slovakia 08-Feb EUR 1,500 1,959 3.875% - - 08-Feb-33 HSBC Slovakia NR A2 A
10 Croatia 19-Nov USD 1,750 1,750 6.000% 98.488 6.200% 26-Jan-24 Barclays, BNP Paribas, Deutsche Bank, JPMorgan Croatia BB+ Ba1 BB+
<< BACK TO CONTENTS
18
CEEMEA BOND ISSUANCE FY13│TOP FINANCIAL INSTITUTION DEALS BY SIZE
No. Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country S&P/Moody’s/Fitch
1 Gazprombank 23-Oct EUR 1,000 1,371 3.984% 100.000 3.984% 30-Oct-18 Citigroup, Credit Agricole, Deutsche Bank, Gazprombank Romania BBB- Baa3 BBB-
2 Vnesheconombank (VEB) 14-Feb EUR 1,000 1,346 3.035% 100.000 3.035% 21-Feb-18 Barclays, Commerzbank, ING, Societe Generale Russia BBB Baa1 BBB
3 Vnesheconombank (VEB) 18-Nov USD 1,150 1,150 5.942% 100.000 5.942% 21-Nov-23 Citigroup, HSBC, JPMorgan, Mitsubishi UFJ Securities Russia BBB NR BBB
4= African Development Bank 16-Jan USD 1,000 1,000 0.875% 99.655 0.955% 15-Mar-18 BNP Paribas, Deutsche Bank, JPMorgan, Nomura Supra-national AAA Aaa AAA
Dubai Islamic Bank 13-Mar USD 1,000 1,000 6.25%, variable 100.000 6.250% Perpetual Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi,
Standard Chartered UAE NR NR NR
Qatar National Bank 22-Apr USD 1,000 1,000 2.875% 99.216 3.000% 29-Apr-20 Deutsche Bank, HSBC, JPMorgan, Mitsubishi UFJ Securities, QNB Capital, Standard Chartered Qatar A+ Aa3 A+
Sberbank 16-May USD 1,000 1,000 5.250% 100.000 5.250% 23-May-23 BNP Paribas, JPMorgan, Sberbank, UBS Russia NR NR BBB-
Emirates NBD 22-May USD 1,000 1,000 5.75%, variable 100.000 5.750% Perpetual BofA-Merrill Lynch, Deutsche Bank, HSBC, ING, Morgan Stanley,
Emirates NBD Capital UAE NR NR NR
Islamic Development Bank 29-May USD 1,000 1,000 1.535% 100.000 1.535% 04-Jun-18 Barwa Bank, Credit Agricole, CIMB, National Bank of Abu Dhabi, Natixis, NCB Capital, Royal Bank of Scotland, Standard Chartered
Saudi Arabia NR NR NR
African Development Bank 25-Sep USD 1,000 1,000 1.625% 99.933 1.639% 02-Oct-18 Citigroup, Goldman Sachs, HSBC, Toronto Dominion Supra-national NR NR NR
5 Vnesheconombank (VEB) 18-Nov USD 850 850 4.224% 100.000 4.224% 21-Nov-18 Citigroup, HSBC, JPMorgan, Mitsubishi UFJ Securities Russia BBB NR BBB
6 Sberbank 24-Jan RUB 25,000 827 7.000% 100.000 7.000% 31-Jan-16 Barclays, Sberbank Russia NR A3 BBB
7 Russian Agricultural Bank (RSHB) 18-Jul USD 800 800 5.100% 100.000 5.100% 25-Jul-18 JPMorgan, Royal Bank of Scotland, VTB Capital Russia NR Baa3 BBB
8= Turkiye Halk Bankasi 29-Jan USD 750 750 3.875% 98.901 4.057% 05-Feb-20 Commerzbank, Goldman Sachs, JPMorgan, Standard Chartered Turkey NR Baa2 BBB-
Abu Dhabi Commercial Bank (ADCB) 26-Feb
USD 750 750 2.500% 99.636 2.578% 06-Mar-18 Abu Dhabi Commercial Bank, Barclays, ING, JPMorgan, National Bank of Abu Dhabi, Royal Bank of Scotland UAE
A NR A+
USD 750 750 4.500% 99.127 4.610% 06-Mar-23 A- NR A
Emirates NBD 25-Mar USD 750 750 4.875%, variable 100.000 4.875% 28-Mar-23 Citigroup, Emirates NBD, HSBC, JPMorgan, National Bank of Abu Dhabi,
Societe Generale UAE NR NR A
Gazprombank 24-Sep USD 750 750 7.496%, variable 100.000 7.496% 28-Dec-23 Barclays, BNP Paribas, BOC International, Gazprombank, Goldman Sachs,
Societe Generale Russia BBB- Baa3 BBB-
Hungarian Development Bank 11-Oct USD 750 750 6.250% 99.481 6.343% 21-Oct-20 Citigroup, Deutsche Bank, JPMorgan Hungary NR Ba1 BB+
Qatar National Bank 23-Oct
USD 750 750 Libor +1.25% 100.000 - 31-Oct-16
HSBC, JPMorgan, QNB Capital, Royal Bank of Scotland, Standard Chartered
A+ Aa3 A+ Qatar
USD 750 750 2.750% 99.459 2.867% 31-Oct-18 A+ Aa3 A+
9 OTP Mortgage Bank 17-Oct EUR 500 676 Euribor +1.9% 100.000 - 25-Oct-16 BNP Paribas Hungary NR Baa3 NR
10 Vnesheconombank (VEB) 14-Feb EUR 500 673 4.032% 100.000 4.032% 21-Feb-23 Barclays, Commerzbank, ING, Societe Generale Russia BBB Baa1 BBB
<< BACK TO CONTENTS
19
CEEMEA BOND ISSUANCE FY13│TOP CORPORATE DEALS BY SIZE
No. Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
1 KazMunayGas NC 24-Apr USD 2,000 2,000 5.750% 99.293 5.800% 30-Apr-43 BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital
Kazakhstan Energy BBB- Baa3 BBB-
2= Lukoil 17-Apr
USD 1,500 1,500 3.416% 100.000 3.416% 24-Apr-18 BNP Paribas, Citigroup Russia Energy
BBB Baa2 BBB-
USD 1,500 1,500 4.563% 100.000 4.563% 24-Apr-23 BBB Baa2 BBB-
Gazprom Neft 20-Nov USD 1,500 1,500 6.000% 100.000 6.000% 27-Nov-23 BofA-Merrill Lynch, Credit Agricole, Gazprombank, JPMorgan
Russia Energy BBB- Baa3 BBB
3 GRANVIA (R1 Expressway) 22-Nov EUR 1,243 1,356 4.781% 100.000 4.781% 30-Sep-39 Deutsche Bank, Natixis Slovakia Construction BBB+ NR NR
4 Russian Railways (RZD) 12-Apr EUR 1,000 1,309 3.374% 100.000 3.374% 20-May-21 Natixis, Royal Bank of Scotland, Societe Generale, VTB Capital
Russia Transport BBB Baa1 BBB
5 Gazprom 13-Mar EUR 1,000 1,303 3.389% 100.000 3.389% 20-Mar-20 Credit Agricole, Gazprombank, JPMorgan Russia Energy BBB Baa1 BBB
6= AngloGold Ashanti 25-Jul USD 1,250 1,250 8.500% 100.000 8.500% 30-Jul-20 Citigroup, Deutsche Bank, Goldman Sachs South Africa Metals & mining
BB+ Baa3 NR
Ooredoo (formerly: Qatar Telecom)
26-Nov USD 1,250 1,250 3.039% 100.000 3.039% 03-Dec-18 DBS Bank, Deutsche Bank, HSBC, Qinvest, QNB Capital
Qatar Telecoms A A2 A+
7 Gazprom 17-Jul EUR 900 1,179 3.700% 100.000 3.700% 25-Jul-18 BofA-Merrill Lynch, Deutsche Bank, Gazprombank, JPMorgan
Russia Energy BBB Baa1 BBB
8 Saudi Basic Industries Corporation (SABIC)
13-Nov EUR 750 1,006 2.750% 99.280 2.865% 20-Nov-20 Credit Agricole, ING, JPMorgan, Mitsubishi UFJ Securities, Standard Chartered
Saudi Arabia Chemicals & materials
A+ NR A+
9= Sibur Holding 24-Jan USD 1,000 1,000 3.914% 100.000 3.914% 31-Jan-18 Citigroup, Credit Suisse, Gazprombank, JPMorgan, Royal Bank of Scotland, Sberbank
Russia Chemicals & materials
NR Ba1 BB+
VimpelCom 06-Feb USD 1,000 1,000 5.950% 100.000 5.950% 13-Feb-23 Barclays, Citigroup, ING, Royal Bank of Scotland Russia Telecoms BB Ba3 NR
Dubai Electricity & Water Authority (DEWA)
28-Feb USD 1,000 1,000 3.000% 100.000 3.000% 05-Mar-18 Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Royal Bank of Scotland, Standard Chartered
UAE Utilities NR NR NR
State Oil Company of Azerbaijan (SOCAR)
06-Mar USD 1,000 1,000 4.750% 100.000 4.750% 13-Mar-23 Deutsche Bank Azerbaijan Energy BB+ Ba1 BBB-
Emirates Airline 12-Mar USD 1,000 1,000 3.875% 99.331 4.024% 19-Mar-23 Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Standard Chartered Bank
UAE Transport NR NR NR
Saudi Electricity Company 26-Mar
USD 1,000 1,000 3.473% 100.000 3.473% 08-Apr-23 Saudi Arabia Energy
AA- A1 AA- Deutsche Bank, HSBC
USD 1,000 1,000 5.060% 100.000 5.060% 08-Apr-43 AA- A1 AA-
Metalloinvest 10-Apr USD 1,000 1,000 5.625% 100.000 5.625% 17-Apr-20 Credit Agricole, Credit Suisse, Deutsche Bank, Sberbank, Societe Generale, VTB Capital
Russia Metals & mining
BB- Ba2 BB-
Evraz Group 12-Apr USD 1,000 1,000 6.500% 100.000 6.500% 22-Apr-20 ING, JPMorgan, UBS Russia Metals & mining
B+ NR BB-
KazMunayGas NC 24-Apr USD 1,000 1,000 4.400% 99.600 4.450% 30-Apr-23 BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital
Kazakhstan Energy BBB- Baa3 BBB-
KazAgro 17-May USD 1,000 1,000 4.625% 100.000 4.625% 24-May-23 HSBC, JPMorgan Kazakhstan Agriculture BBB+ NR BBB
Eskom 30-Jul USD 1,000 1,000 6.750% 99.107 6.875% 06-Aug-23 Barclays, Citigroup South Africa Energy BBB Baa3 NR
Saudi Basic Industries Corporation (SABIC)
26-Sep USD 1,000 1,000 2.625% 100.000 2.625% 03-Oct-18 Citigroup, HSBC, Mizuho, Royal Bank of Scotland Saudi Arabia Chemicals & materials
A+ A1 A+
Norilsk Nickel 18-Oct USD 1,000 1,000 5.550% 100.000 5.550% 28-Oct-20 Barclays, BofA-Merrill Lynch, Citigroup, Sberbank, Societe Generale
Russia Metals & mining
BBB- Baa2 BB+
10 Gazprom Neft 18-Apr EUR 750 985 2.933% 100.000 2.933% 26-Apr-18 BNP Paribas, Credit Agricole, Gazprombank, JPMorgan
Russia Energy BBB- Baa3 NR
<< BACK TO CONTENTS
20
QUARTERLY by amount (in USDbn) vs FY11-12
CEEMEA BOND ISSUANCE FY13│ISSUER BREAKDOWN BY TYPE
QUARTERLY by number of issues vs FY11-12
2214
5 918 12
20
38 3543
1728
1322
6
12
1820
35
44 45 33
12
3015 19
4
11
1915
14
17 1814
13
1250
55
15
32
5547
69
99 9890
42
70
0
20
40
60
80
100
120
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
Sovereigns Financial institutions CorporatesNo. of issues
14.87.5
1.87.2 10.4
4.711.0
20.1 21.826.9
10.716.9
5.510.5
2.7
4.6
9.811.8
15.3
24.9 17.713.2
4.7
13.4
19.316.0
2.5
11.5
24.1
11.1
16.3
18.120.9
13.8
15.9
15.4
39.6
34.0
7.1
23.2
44.3
27.6
42.6
63.160.4
53.9
31.2
45.7
0
20
40
60
80
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
Sovereigns Financial institutions Corporatesin USDbn
<< BACK TO CONTENTS
21
MONTHLY by amount (in USDbn) vs FY12
CEEMEA BOND ISSUANCE FY13│ISSUER BREAKDOWN BY TYPE
1.9 3.25.4
1.4 0.82.6
6.1
0.3
4.6 4.75.9
9.4
5.8 5.4
10.6
19.3
5.9
1.8
6.2
0.5
4.06.3
10.1
0.5
3.5
3.6
2.7
4.6
1.8
5.5
7.0
3.7
4.6
12.610.1
2.37.2
6.6
3.9
6.4
6.1
0.8
1.3
0.2
3.1
7.9
5.1
0.4
10.7
4.9
8.4
4.2
1.9
5.0
7.2
2.1
7.0
7.4
6.9
3.8
8.6 10.2
2.1
5.3
8.2
0.3
4.3
11.7
4.6
9.2
1.6
16.1
11.7
16.5
10.1
4.5
13.1
20.4
6.0
16.2
24.7
22.9
15.4
21.522.2
16.6
30.9
20.2
2.8
11.8
0.6
18.8 18.8
24.4
2.5
0
5
10
15
20
25
30
35
Sovereigns Financial institutions Corporatesin USDbn
<< BACK TO CONTENTS
22
MONTHLY by number of issues vs FY12
CEEMEA BOND ISSUANCE FY13│ISSUER BREAKDOWN BY TYPE
4 68
3 2
7 84
810 10
18
10 9
16
25
14
4
9
1
7
11
15
2
5
8 5
8
4
8
19
7
9
21
17
6
1520
10
15
14
4
4
1
7
16
13
1
8
4 7
6
3
6
4
3
7
49
4
8
7
3
7
6
1
5
8
55
2
1718
20
17
9
21
31
14
24
3536
28
33
36
29
47
34
9
18
2
22
3233
5
0
5
10
15
20
25
30
35
40
45
50
Sovereigns Financial institutions CorporatesNo.of issues
<< BACK TO CONTENTS
23
CEEMEA BOND ISSUANCE
MAJOR ISSUES BY SIZE/YIELD
Page 24 — FY13 by amount, by sub-region Page 25 — 1Q13 by amount, by sub-region Page 26 — 2Q13 by amount, by sub-region Page 27 — 3Q13 by amount, by sub-region Page 28 — 4Q13 by amount, by sub-region Page 29 — FY13 by re-offer yield, by sub-region Page 30 — 1Q13 by re-offer yield, by sub-region Page 31 — 2Q13 by re-offer yield, by sub-region Page 32 — 3Q13 by re-offer yield, by sub-region Page 33 — 4Q13 by re-offer yield, by sub-region
<< BACK TO CONTENTS
24
CENTRAL EUROPE
CEEMEA BOND ISSUANCE FY13│MAJOR ISSUES BY SIZE
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Hungary (Govt of) 18-Nov EUR 2,000 2,699 5.750% 98.657 5.930% 22-Nov-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Hungary Sovereign BB Ba1 BB+
Slovenia (Govt of) 02-May USD 2,500 2,500 5.850% 98.884 6.000% 10-May-23 BNP Paribas, Deutsche Bank, JPMorgan Slovenia Sovereign A- Ba1 A-
Slovakia (Govt of) 20-Feb EUR 1,750 2,337 3.000% 100.000 3.000% 28-Feb-23 Deutsche Bank, ING, Societe Generale, Slovenska Sportilena Slovakia Sovereign NR A2 A
Slovenia (Govt of) 15-Nov EUR 1,500 2,019 4.700% 99.604 - 01-Nov-16 JPMorgan Slovenia Sovereign A- NR BBB+
Hungary (Govt of) 12-Feb USD 2,000 2,000 5.375% 99.564 5.432% 21-Feb-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Hungary Sovereign BB Ba1 BB+
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Russia (Govt of) 09-Sep USD 3,000 3,000 4.875% 98.162 5.112% 16-Sep-23 Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital Russia Sovereign BBB Baa1 BBB
KazMunayGas NC 24-Apr USD 2,000 2,000 5.750% 99.293 5.800% 30-Apr-43 BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital Kazakhstan Energy BBB- Baa3 BBB-
Turkey (Govt of) 05-Nov EUR 1,250 1,687 4.350% 99.339 4.450% 12-Nov-21 Barclays, Credit Suisse, Deutsche Bank Turkey Sovereign BB+ Baa3 BBB-
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Bahrain (Govt of) 24-Jul USD 1,500 1,500 6.125% 99.447 6.200% 01-Aug-23 BNP Paribas, Citigroup, Gulf International Bank, JPMorgan Bahrain Sovereign NR Baa1 BBB
Jordan (Govt of) 29-Oct USD 1,250 1,250 2.503% 100.000 2.503% 30-Oct-20 Citigroup, HSBC, JPMorgan Jordan Sovereign NR NR NR
Ooredoo (formerly: Qatar Telecom) 26-Nov USD 1,250 1,250 3.039% 100.000 3.039% 03-Dec-18 DBS Bank, Deutsche Bank, HSBC, Qinvest, QNB Capital Qatar Telecoms A A2 A+
Saudi Basic Industries Corporation (SABIC) 13-Nov EUR 750 1,006 2.750% 99.280 2.865% 20-Nov-20 Credit Agricole, ING, JPMorgan, Mitsubishi UFJ Securities,
Standard Chartered Saudi Arabia Chemicals & materials A+ NR A+
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Egypt (Govt of) 28-May USD 2,700 2,700 4.250% 100.000 4.250% 28-Nov-14 HSBC, Qatar National Bank Egypt Sovereign B- B3 B
South Africa (Govt of) 09-Sep USD 2,000 2,000 5.875% 98.422 6.062% 16-Sep-25 Deutsche Bank, Rand Merchant Bank, Standard Bank South Africa Sovereign BBB Baa1 BBB
Gabon (Govt of) 05-Dec USD 1,500 1,500 6.375% 100.000 6.375% 12-Dec-24 Citigroup, Deutsche Bank, Standard Chartered Gabon Sovereign BB- NR BB-
AngloGold Ashanti 25-Jul USD 1,250 1,250 8.500% 100.000 8.500% 30-Jul-20 Citigroup, Deutsche Bank, Goldman Sachs South Africa Metals & mining BB+ Baa3 NR
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CENTRAL EUROPE
CEEMEA BOND ISSUANCE 1Q13│MAJOR ISSUES BY SIZE
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Slovakia (Govt of) 20-Feb EUR 1,750 2,337 3.000% 100.000 3.000% 28-Feb-23 Deutsche Bank, ING, Societe Generale, Slovenska Sportilena Slovakia Sovereign NR A2 A
Hungary (Govt of) 12-Feb USD 2,000 2,000 5.375% 99.564 5.432% 21-Feb-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Hungary Sovereign BB Ba1 BB+
Slovakia (Govt of) 08-Feb EUR 1,500 1,959 3.875% - - 08-Feb-33 HSBC Slovakia Sovereign NR A2 A
Romania (Govt of) 14-Feb USD 1,500 1,500 4.375% 98.963 4.500% 22-Aug-23 Barclays, BNP Paribas, Citigroup, HSBC Romania Sovereign BB+ Baa3 BBB-
Croatia (Govt of) 26-Mar USD 1,500 1,500 5.500% 99.054 5.625% 04-Apr-23 BofA-Merrill Lynch, Deutsche Bank, Goldman Sachs, JPMorgan Croatia Sovereign BB+ NR BBB-
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Turkey (Govt of) 08-Jan USD 1,500 1,500 3.250% 98.093 3.473% 23-Mar-23 BNP Paribas, Deutsche Bank, Goldman Sachs Turkey Sovereign BB Ba1 BBB-
Serbia (Govt of) 14-Feb USD 1,500 1,500 4.875% 98.401 5.150% 25-Feb-20 Barclays, Deutsche Bank, JPMorgan Serbia Sovereign BB- NR BB-
Vnesheconombank (VEB) 14-Feb EUR 1,000 1,346 3.035% 100.000 3.035% 21-Feb-18 Barclays, Commerzbank, ING, Societe Generale Russia Financial services BBB Baa1 BBB
Gazprom 13-Mar EUR 1,000 1,303 3.389% 100.000 3.389% 20-Mar-20 Credit Agricole, Gazprombank, JPMorgan Russia Energy BBB Baa1 BBB
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Israel (Govt of) 28-Jan USD 1,000 1,000 3.150% 99.448 3.213% 15-Mar-18
Barclays, Citigroup, Goldman Sachs Israel Sovereign A+ A1 A
28-Jan USD 1,000 1,000 4.500% 98.574 4.588% 30-Jan-43 A+ A1 A Dubai Electricity & Water Authority (DEWA) 28-Feb USD 1,000 1,000 3.000% 100.000 3.000% 05-Mar-18
Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Royal Bank of Scotland, Standard Chartered UAE Utilities NR NR NR
Emirates Airline 12-Mar USD 1,000 1,000 3.875% 99.331 4.024% 19-Mar-23 Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Standard Chartered Bank UAE Transport NR NR NR
Dubai Islamic Bank 13-Mar USD 1,000 1,000 6.25%,
variable 100.000 6.250% perpetual
Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered UAE
Financial services NR NR NR
26-Mar USD 1,000 1,000 3.473% 100.000 3.473% 08-Apr-23 Deutsche Bank, HSBC Saudi Arabia Energy
AA- A1 AA- Saudi Electricity Company
26-Mar USD 1,000 1,000 5.060% 100.000 5.060% 08-Apr-43 AA- A1 AA-
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
African Development Bank 16-Jan USD 1,000 1,000 0.875% 99.655 0.955% 15-Mar-18 BNP Paribas, Deutsche Bank, JPMorgan, Nomura Supra-national
Financial services AAA Aaa AAA
Tanzania (Govt of) 27-Feb USD 600 600 Libor 100.000 - 08-Mar-20 Standard Bank Tanzania Sovereign NR NR NR
Sea Trucks Group 15-Mar USD 575 575 9.000% 100.000 9.000% 26-Mar-18 Pareto Securities Nigeria Transport NR NR NR
Edcon Holdings 08-Feb EUR 300 405 9.500% 96.500 10.415% 01-Mar-18 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan Morgan Stanley South Africa
Consumer: retail B B3 NR
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CENTRAL EUROPE
CEEMEA BOND ISSUANCE 2Q13│MAJOR ISSUES BY SIZE
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Slovenia (Govt of) 02-May USD 2,500 2,500 5.850% 98.884 6.000% 10-May-23 BNP Paribas, Deutsche Bank, JPMorgan Slovenia Sovereign A- Ba1 A-
Slovakia (Govt of) 23-May EUR 1,000 1,291 1.500% 99.522 1.592% 28-Nov-18 Tatra Banka, CSOB, Vseobecna Uverova Banka Slovakia Sovereign A A2 A+ Slovenia (Govt of) 02-May USD 1,000 1,000 4.750% 99.124 4.950% 10-May-18 BNP Paribas, Deutsche Bank, JPMorgan Slovenia Sovereign A- Ba1 A-
EP Energy 11-Apr EUR 600 785 4.375% 100.000 4.375% 01-May-18 JPMorgan, Societe Generale, Royal Bank of Scotland, UniCredit Czech Republic Energy NR NR BBB-
CEZ 28-May EUR 500 647 3.000% 98.815 3.100% 05-Jun-28 Commerzbank, Deutsche Bank, Erste Group, ING, Royal Bank of Scotland
Czech Republic Energy NR A2 A-
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
KazMunayGas NC 24-Apr USD 2,000 2,000 5.750% 99.293 5.800% 30-Apr-43 BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital Kazakhstan Energy BBB- Baa3 BBB-
Turkey (Govt of) 09-Apr USD 1,500 1,500 4.875% 98.834 4.950% 16-Apr-43 Citigroup, Credit Suisse, JPMorgan Turkey Sovereign BB Ba1 BBB-
Lukoil 17-Apr USD 1,500 1,500 3.416% 100.000 3.416% 24-Apr-18
BNP Paribas, Citigroup Russia BBB Baa2 BBB-
Energy 17-Apr USD 1,500 1,500 4.563% 100.000 4.563% 24-Apr-23 BBB Baa2 BBB-
Russian Railways (RZD) 12-Apr EUR 1,000 1,309 3.374% 100.000 3.374% 20-May-21 Natixis, Royal Bank of Scotland, Societe Generale, VTB Capital Russia Transport BBB Baa1 BBB
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Qatar National Bank 22-Apr USD 1,000 1,000 2.875% 99.216 3.000% 29-Apr-20 Deutsche Bank, HSBC, JPMorgan, Mitsubishi UFJ Securities, QNB Capital, Standard Chartered Qatar Financial
services A+ Aa3 A+
Emirates NBD 22-May USD 1,000 1,000 5.75%, variable 100.000 5.750% Perpetual BofA-Merrill Lynch, Deutsche Bank, HSBC, ING, Morgan Stanley,
Emirates NBD Capital UAE Financial services NR NR NR
Islamic Development Bank 29-May USD 1,000 1,000 1.535% 100.000 1.535% 04-Jun-18 Barwa Bank, Credit Agricole, CIMB, National Bank of Abu Dhabi, Natixis, NCB Capital, Royal Bank of Scotland, Standard Chartered Saudi Arabia Financial
services NR NR NR
Bahrain Telecommunica-tions Company (Batelco) 29-Apr USD 650 650 4.250% 99.450 4.342% 01-May-20 BNP Paribas, Citigroup Bahrain Telecoms BBB- NR BBB-
Lebanon (Govt of) 23-Apr USD 600 600 4.500% 100.000 4.500% 22-Apr-16 Deutsche Bank Lebanon Sovereign NR NR NR
Israel Electric Corporation 18-Jun USD 600 600 5.625% 100.000 5.625% 21-Jun-18 Barclays, Citigroup Israel Energy BB+ Baa3 NR
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Anglo American 22-Apr EUR 750 979 2.500% 99.379 2.587% 29-Apr-21 BBVA, BNP Paribas, Credit Agricole, Lloyds Banking Group, Santander Other Metals &
mining BBB Baa1 NR
African Development Bank 25-Apr USD 500 500 0.875% 100.120 - 15-Mar-18 Deutsche Bank, TD Securities Supra-national
Financial services AAA Aaa AAA
Millicom International Cellular 17-May USD 500 500 4.750% 99.266 4.875% 22-May-20 BNP Paribas, JPMorgan, Standard Bank Other Telecoms NR Ba2 BB+
Morocco (Govt of) 22-May USD 500 500 4.250% 100.263 4.216% 11-Dec-22 Barclays, BNP Paribas, Citigroup, Natixis Morocco Sovereign BBB- Ba1 BBB-
African Export-Import Bank 28-May USD 500 500 3.875% 99.282 4.035% 04-Jun-18 HSBC, Commerzbank, Mitsubishi UFJ Securities, Standard Bank Supra-national
Financial services BBB- Baa2 BBB-
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27
CENTRAL EUROPE
CEEMEA BOND ISSUANCE 3Q13│MAJOR ISSUES BY SIZE
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Romania (Govt of) 12-Sep EUR 1,500 1,991 4.625% 99.160 4.769% 18-Sep-20 Citigroup, HSBC, Deutsche Bank, Societe Generale Romania Sovereign BB+ Baa3 BBB-
Eustream 11-Jul EUR 500 641 3.750% 99.390 3.851% 18-Jul-20 Citigroup, ING, JPMorgan, KBC, Slovenska Sporitelna Slovakia Transport A- Baa1 NR
TVN (Polish Television Holding group) 06-Sep EUR 430 566 7.375% 100.000 7.375% 15-Dec-20 JPMorgan, Deutsche Bank, Nomura, BNP Paribas Poland Media B+ B1 NR
Hungarian Export-Import Bank (Eximbank) 24-Sep EUR 380 514 2.125% 99.410 2.255% 13-Feb-19 Deutsche Bank, HSBC, Jefferies Hungary Financial
services NR NR AAA
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
09-Sep
USD 3,000 3,000 4.875% 98.162 5.112% 16-Sep-23 Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital Russia Sovereign
BBB Baa1 BBB
Russia (Govt of) USD 1,500 1,500 3.500% 99.195 3.664% 16-Jan-19 BBB Baa1 BBB
USD 1,500 1,500 5.875% 97.187 6.080% 16-Sep-43 BBB Baa1 BBB
Gazprom 17-Jul EUR 900 1,179 3.700% 100.000 3.700% 25-Jul-18 BofA-Merrill Lynch, Deutsche Bank, Gazprombank, JPMorgan Russia Energy BBB Baa1 BBB
Russia (Govt of) 09-Sep EUR 725 955 3.625% 99.533 3.702% 16-Sep-20 Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital Russia Sovereign BBB Baa1 BBB
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Bahrain (Govt of) 24-Jul USD 1,500 1,500 6.125% 99.447 6.200% 01-Aug-23 BNP Paribas, Citigroup, Gulf International Bank, JPMorgan Bahrain Sovereign NR Baa1 BBB
Saudi Basic Industries Corporation (SABIC) 26-Sep USD 1,000 1,000 2.625% 100.000 2.625% 03-Oct-18 Citigroup, HSBC, Mizuho, Royal Bank of Scotland Saudi Arabia Chemicals &
materials A+ A1 A+
Ruwais Power Company (Shuweihat 2) 25-Jul USD 825 825 6.000% 100.000 6.000% 06-Aug-36 BNP Paribas, Citigroup, HSBC, Mitsubishi UFJ Securities,
National Bank of Abu Dhabi, Standard Chartered UAE Energy A- A3 NR
02-Jul USD 150 150 5.625% 101.750 - 21-Jun-18
Barclays, Citigroup Israel Energy BB+ Baa3 NR
Israel Electric Corporation USD 150 150 6.875% 100.375 - 21-Jun-23 BB+ Baa3 NR
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
South Africa (Govt of) 09-Sep USD 2,000 2,000 5.875% 98.422 6.062% 16-Sep-25 Deutsche Bank, Rand Merchant Bank, Standard Bank South Africa Sovereign BBB Baa1 BBB
AngloGold Ashanti 25-Jul USD 1,250 1,250 8.500% 100.000 8.500% 30-Jul-20 Citigroup, Deutsche Bank, Goldman Sachs South Africa Metals & mining BB+ Baa3 NR
Egypt (Govt of) 01-Jul USD 1,000 1,000 3.500% 100.000 3.500% 01-Jul-16 HSBC, Qatar National Bank Egypt Sovereign B- B3 B
Eskom 30-Jul USD 1,000 1,000 6.750% 99.107 6.875% 06-Aug-23 Barclays, Citigroup South Africa Energy BBB Baa3 NR
African Development Bank 25-Sep USD 1,000 1,000 1.625% 99.933 1.639% 02-Oct-18 Citigroup, Goldman Sachs, HSBC, Toronto Dominion Supra-national
Financial services NR NR NR
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28
CENTRAL EUROPE
CEEMEA BOND ISSUANCE 4Q13│MAJOR ISSUES BY SIZE
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Hungary (Govt of) 18-Nov EUR 2,000 2,699 5.750% 98.657 5.930% 22-Nov-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Hungary Sovereign BB Ba1 BB+
Slovenia (Govt of) 15-Nov EUR 1,500 2,019 4.700% 99.604 - 01-Nov-16 JPMorgan Slovenia Sovereign A- NR BBB+
Croatia (Govt of) 19-Nov USD 1,750 1,750 6.000% 98.488 6.200% 26-Jan-24 Barclays, BNP Paribas, Deutsche Bank, JPMorgan Croatia Sovereign BB+ Ba1 BB+
GRANVIA (R1 Expressway) 22-Nov EUR 1,242.7 1,356 4.781% 100.000 4.781% 30-Sep-39 Deutsche Bank, Natixis Slovakia Construction BBB+ NR NR
Hungary (Govt of) 06-Dec EUR 903.8 1,230 3.375% - - 02-Apr-19 Deutsche Bank, UniCredit Bank Hungary Sovereign BB Ba1 NR
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Turkey (Govt of) 05-Nov EUR 1,250 1,687 4.350% 99.339 4.450% 12-Nov-21 Barclays, Credit Suisse, Deutsche Bank Turkey Sovereign BB+ Baa3 BBB-
Gazprom Neft 20-Nov USD 1,500 1,500 6.000% 100.000 6.000% 27-Nov-23 BofA-Merrill Lynch, Credit Agricole, Gazprombank, JPMorgan Russia Energy BBB- Baa3 BBB
Gazprombank 23-Oct EUR 1,000 1,371 3.984% 100.000 3.984% 30-Oct-18 Citigroup, Credit Agricole, Deutsche Bank, Gazprombank Romania Financial services BBB- Baa3 BBB-
Turkey (Govt of) 03-Oct USD 1,250 1,250 4.557% 100.000 4.557% 10-Oct-18 HSBC, Qinvest, Standard Chartered Turkey Sovereign NR Baa3 BBB-
Vnesheconombank (VEB) 18-Nov USD 1,150 1,150 5.942% 100.000 5.942% 21-Nov-23 Citigroup, HSBC, JPMorgan, Mitsubishi UFJ Securities Russia Financial services BBB NR BBB
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Jordan (Govt of) 29-Oct USD 1,250 1,250 2.503% 100.000 2.503% 30-Oct-20 Citigroup, HSBC, JPMorgan Jordan Sovereign NR NR NR
Ooredoo (formerly: Qatar Telecom) 26-Nov USD 1,250 1,250 3.039% 100.000 3.039% 03-Dec-18 DBS Bank, Deutsche Bank, HSBC, Qinvest, QNB Capital Qatar Telecoms A A2 A+
Saudi Basic Industries Corporation (SABIC) 13-Nov EUR 750 1,006 2.750% 99.280 2.865% 20-Nov-20 Credit Agricole, ING, JPMorgan, Mitsubishi UFJ Securities,
Standard Chartered Saudi Arabia Chemicals & materials A+ NR A+
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Gabon (Govt of) 05-Dec USD 1,500 1,500 6.375% 100.000 6.375% 12-Dec-24 Citigroup, Deutsche Bank, Standard Chartered Gabon Sovereign BB- NR BB-
Millicom International Cellular 10-Oct USD 800 800 6.625% 100.000 6.625% 15-Oct-21 BNP Paribas, Citigroup, JPMorgan Other Telecoms NR Ba2 BB+
Tullow Oil 01-Nov USD 650 650 6.000% 100.000 6.000% 01-Nov-20 BNP Paribas, BofA-Merrill Lynch, Barclays, Credit Agricole, Deutsche Bank , JPMorgan, Societe Generale Other Energy BB- B1 NR
Edcon Holdings 08-Nov EUR 425 573 13.375% 100.000 13.375% 30-Jun-19 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan, RMB Morgan Stanley South Africa Consumer:
retail CCC Caa2 NR
Transnet 06-Nov ZAR 5,000 491 9.500% 100.000 9.500% 13-May-21 Deutsche Bank South Africa Transport BBB A3 NR
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29
CEEMEA BOND ISSUANCE FY13│MAJOR ISSUES BY RE-OFFER YIELD
CENTRAL EUROPE Issuer Date
priced Size (m) Size (USDm) Coupon Re-offer
price Re-offer
yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Polish Television Holding (PTH) 11-Sep EUR 300 398
11% (cash)/
12% (PIK) 100.000 11.000% 15-Jan-21 JPMorgan, Nomura, Deutsche Bank, BNP Paribas Poland Media B- NR NR
CEDC (Central European Distribution Corporation) (post-restructuring)
19-Jun (issue date)
USD 200 200 10% (PIK) - - 30-Apr-18 - Poland
NR NR NR Consumer: other USD 465 465 8%, - - 30-Apr-18 NR NR NR
Magyar Telecom (Invitel) (post-restructuring)
12-Dec (issue date)
EUR 150 207 7%
(cash), 9% (PIK)
100.000 - 15-Jun-18 - Hungary Telecoms CCC+ Caa1 NR
Bite Group 30-Jan EUR 200 269 Euribor +7.5% 99.000 7.974% 15-Feb-18 Deutsche Bank, Credit Suisse, Lithuania Telecoms B NR B-
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
CB Renaissance Credit 15-Nov USD 100 100 13.500% 100.000 13.500% 22-May-19 Goldman Sachs, Sberbank Russia Financial services NR B3 NR
CB Renaissance Capital 14-Feb USD 50 50 13.500% 103.250 12.630% 21-Jun-18 Goldman Sachs Russia Financial services NR NR NR
Tinkoff Credit Systems 14-Feb USD 75 75 14.000% 107.000 12.408% 06-Jun-18 Goldman Sachs, JPMorgan Russia Financial services NR B3 NR
UBRD 25-Jun USD 68 68 12.000% 100.000 12.000% 27-Dec-18 BCP Securities, BNP Paribas, Sberbank Russia Financial services B NR NR
Russian Standard Bank 10-Jul USD 200 200 11.500% 100.000 11.500% 17-Jan-24 Goldman Sachs, HSBC Russia Financial services NR NR B
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Dana Gas (post-restructuring) 08-May USD 425 425 9.000% 100.000 9.000% 31-Oct-17 - UAE Energy NR NR NR
Millennium Offshore 08-Feb USD 225 225 9.500% 100.000 9.500% 15-Feb-18 Goldman Sachs UAE Energy B B2 NR
Topaz Energy and Marine 25-Oct USD 350 350 8.625% 100.000 8.625% 01-Nov-18 Goldman Sachs, HSBC, Standard Chartered UAE Energy B- B3 NR
Gems Education 18-Nov USD 200 200 12%, variable 100.000 12.000% Perpetual Abu Dhabi Islamic Bank, Credit Suisse, Morgan Stanley UAE Services: other NR NR NR
ShaMaran Petroleum 29-Oct USD 150 150 11.500% - - 31-Dec-18 Pareto Securities Other Energy NR NR NR
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Edcon Holdings 08-Nov EUR 425 573 13.375% 100.000 13.375% 30-Jun-19 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan, RMB Morgan Stanley South Africa Consumer:
retail CCC Caa2 NR
Edcon Holdings 08-Feb EUR 300 405 9.500% 96.500 10.415% 01-Mar-18 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan Morgan Stanley South Africa Consumer:
retail B B3 NR
Transnet 06-Nov ZAR 5,000 491 9.500% 100.000 9.500% 13-May-21 Deutsche Bank South Africa Transport BBB A3 NR
Sea Trucks Group 15-Mar USD 575 575 9.000% 100.000 9.000% 26-Mar-18 Pareto Securities Nigeria Transport NR NR NR
AngloGold Ashanti 25-Jul USD 1,250 1,250 8.500% 100.000 8.500% 30-Jul-20 Citigroup, Deutsche Bank, Goldman Sachs South Africa Metals & mining BB+ Baa3 NR
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30
CEEMEA BOND ISSUANCE 1Q13│MAJOR ISSUES BY RE-OFFER YIELD
CENTRAL EUROPE Issuer Date
priced Size (m) Size (USDm) Coupon Re-offer
price Re-offer
yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Bite Group 30-Jan EUR 200 269 Euribor +7.5% 99.000 7.974% 15-Feb-18 Deutsche Bank, Credit Suisse, Lithuania Telecoms B NR B-
New World Resources (NWR) 16-Jan EUR 275 367 7.875% 100.000 7.875% 15-Jan-21 Citigroup, Erste Bank, Goldman Sachs, Morgan Stanley Czech
Republic Energy B B3 NR
Croatia (Govt of) 26-Mar USD 1,500 1,500 5.500% 99.054 5.625% 04-Apr-23 BofA-Merrill Lynch, Deutsche Bank, Goldman Sachs, JPMorgan Croatia Sovereign BB+ NR BBB-
Hungary (Govt of) 12-Feb USD 2,000 2,000 5.375% 99.564 5.432% 21-Feb-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs Hungary Sovereign BB Ba1 BB+
Romania (Govt of) 14-Feb USD 1,500 1,500 4.375% 98.963 4.500% 22-Aug-23 Barclays, BNP Paribas, Citigroup, HSBC Romania Sovereign BB+ Baa3 BBB-
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
CB Renaissance Capital 14-Feb USD 50 50 13.500% 103.250 12.630% 21-Jun-18 Goldman Sachs Russia Financial services NR NR NR
Tinkoff Credit Systems 14-Feb USD 75 75 14.000% 107.000 12.408% 06-Jun-18 Goldman Sachs, JPMorgan Russia Financial services NR B3 NR
PrivatBank 20-Feb USD 175 175 10.875% 100.000 10.875% 28-Feb-18 Credit Suisse, JPMorgan, UBS Ukraine Financial services NR B3 B
Ukrlandfarming 21/22-Mar USD 275 275 10.875% 100.000 10.875% 26-Mar-18 Citigroup, Deutsche Bank, Sberbank Ukraine Agriculture B- NR B
VimpelCom 06-Feb RUB 12,000 399 9.000% 100.000 9.000% 13-Feb-18 Barclays, Citigroup, ING, Royal Bank of Scotland Russia Telecoms BB Ba3 NR
Promsvyazbank 14-Feb USD 200 200 10.200% 105.919 9.000% 06-Nov-19 HSBC, JPMorgan, Promsvyazbank Russia Financial services NR Ba3 B+
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Millennium Offshore Services Management Co. 08-Feb USD 225 225 9.500% 100.000 9.500% 15-Feb-18 Goldman Sachs UAE Energy B B2 NR
Dubai Islamic Bank 13-Mar USD 1,000 1,000 6.25%, variable 100.000 6.250% perpetual Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of
Abu Dhabi, Standard Chartered UAE Financial services NR NR NR
Dubai (Govt of) 22-Jan USD 500 500 5.250% 98.148 5.375% 30-Jan-43 Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered UAE Sovereign NR NR NR
Saudi Electricity Company 26-Mar USD 1,000 1,000 5.060% 100.000 5.060% 08-Apr-43 Deutsche Bank, HSBC Saudi Arabia Energy AA- A1 AA-
Emirates NBD 25-Mar USD 750 750 4.875%, variable 100.000 4.875% 28-Mar-23 Citigroup, Emirates NBD, HSBC, JPMorgan, National Bank of
Abu Dhabi, Societe Generale UAE Financial services NR NR A
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Edcon Holdings 08-Feb EUR 300 405 9.500% 96.500 10.415% 01-Mar-18 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan Morgan Stanley South Africa Consumer:
retail B B3 NR
Sea Trucks Group 15-Mar USD 575 575 9.000% 100.000 9.000% 26-Mar-18 Pareto Securities Nigeria Transport NR NR NR
Tanzania (Govt of) 27-Feb USD 600 600 Libor +6.0% 100.000 - 08-Mar-20 Standard Bank Tanzania Sovereign NR NR NR
EASTERN EUROPE
MIDDLE EAST
AFRICA
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31
CEEMEA BOND ISSUANCE 2Q13│MAJOR ISSUES BY RE-OFFER YIELD
CENTRAL EUROPE Issuer Date
priced Size (m) Size (USDm) Coupon Re-offer
price Re-offer
yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
CEDC (Central European Distribution Corporation) (post-restructuring)
19-Jun (issue date)
USD 200 200 10% (PIK) - - 30-Apr-18 Poland Consumer:
other
NR NR NR -
USD 465 465 8%, step-up - - 30-Apr-18 NR NR NR
Nitrogenmuvek 13-May USD 200 200 7.875% 100.000 7.875% 21-May-20 BNP Paribas, Raiffeisen Bank International Hungary Chemicals & materials BB- NR BB-
RPG Byty 19-Apr EUR 400 522 6.750% 100.000 6.750% 01-May-20 Goldman Sachs, JPMorgan Czech Republic Real estate NR Ba2 BB-
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
UBRD 25-Jun USD 68 68 12.000% 100.000 12.000% 27-Dec-18 BCP Securities, BNP Paribas, Sberbank Russia Financial services B NR NR
Ukrlandfarming 13-May USD 150 150 10.875% 100.000 10.875% 26-Mar-18 Deutsche Bank, Sberbank Ukraine Agriculture B- NR B
Mriya 11-Apr USD 400 400 9.450% 98.835 9.750% 19-Apr-18 Citigroup, Credit Suisse, Goldman Sachs, Sberbank Ukraine Agriculture B NR B
Ukrzaliznytsia 14-May USD 500 500 9.500% 100.000 9.500% 21-May-18 Barclays, Morgan Stanley, Sberbank Ukraine Transport B NR B-
Bank of Khanty-Mansiysk 14-Jun USD 200 200 9.150% 100.000 9.150% 13-Jun-23 Nomos Bank, VTB Capital Russia Financial services NR NR NR
Promsvyazbank 14-Feb USD 200 200 10.200% 105.919 9.000% 06-Nov-19 HSBC, JPMorgan, Promsvyazbank Russia Financial services NR Ba3 B+
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Dana Gas 08-May USD 425.04 425 9.000% 100.000 9.000% 31-Oct-17 - UAE Energy NR NR NR
Israel Electric Corporation 18-Jun USD 500 500 6.875% 100.000 6.875% 21-Jun-23 Barclays, Citigroup Israel Energy BB+ Baa3 NR
12-Apr USD 500 500 6.750% 100.451 6.700% 29-Nov-27
Fransa Invest Bank, Natixis, Standard Chartered Lebanon Sovereign B B1 B
Lebanon (Govt of) USD 500 500 6.000% 98.882 6.150% 27-Jan-23 B B1 B
Dar Al Arkan Real Estate Development Company 21-May USD 450 450 5.750% 99.465 5.875% 24-May-18 Bank Al Khair, Goldman Sachs, Deutsche Bank, Emirates NBD,
Masraf Al Rayan, Qinvest UAE Real estate B+ NR NR
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Fidelity Bank 03-May USD 300 300 6.875% 99.480 7.000% 09-May-18 Citigroup, Deutsche Bank Nigeria Financial services B NR B
Rwanda (Govt of) 25-Apr USD 400 400 6.625% 98.213 6.875% 02-May-23 BNP Paribas, Citigroup Rwanda Sovereign B NR B
Morocco (Govt of) 22-May USD 250 250 5.500% 99.032 5.567% 11-Dec-42 Barclays, BNP Paribas, Citigroup, Natixis Morocco Sovereign BBB- Ba1 BBB-
Millicom International Cellular 17-May USD 500 500 4.750% 99.266 4.875% 22-May-20 BNP Paribas, JPMorgan, Standard Bank Other Telecoms NR Ba2 BB+
EASTERN EUROPE
MIDDLE EAST
AFRICA
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32
CEEMEA BOND ISSUANCE 3Q13│MAJOR ISSUES BY RE-OFFER YIELD
CENTRAL EUROPE Issuer Date
priced Size (m) Size (USDm) Coupon Re-offer
price Re-offer
yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Polish Television Holding 11-Sep EUR 300 398 11%
(cash)/ 12% (PIK)
100.000 11.000% 15-Jan-21 JPMorgan, Deutsche Bank, Nomura, BNP Paribas Poland Media B- NR NR
TVN (Polish Television Holding group) 06-Sep EUR 430 566 7.375% 100.000 7.375% 15-Dec-20 JPMorgan, Deutsche Bank, Nomura, BNP Paribas Poland Media B+ B1 NR
Hungarian Export-Import Bank (Eximbank) 24-Sep EUR 20 27 2.125% 78.483 7.000% 13-Feb-19 Deutsche Bank, HSBC, Jefferies Hungary Financial
services NR NR BB+
Romania (Govt of) 12-Sep EUR 1,500 1,991 4.625% 99.160 4.769% 18-Sep-20 Citigroup, HSBC, Deutsche Bank, Societe Generale Romania Sovereign BB+ Baa3 BBB-
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Russian Standard Bank 10-Jul USD 200 200 11.500% 100.000 11.500% 17-Jan-24 Goldman Sachs, HSBC Russia Financial services NR NR B
Borets International 19-Sep USD 420 420 7.625% 100.000 7.625% 26-Sep-18 Deutsche Bank, Morgan Stanley, Sberbank Russia Energy BB B1 NR
Gazprombank 24-Sep USD 750 750 7.496%, variable 100.000 7.496% 28-Dec-23 Barclays, BNP Paribas, BOC International, Gazprombank,
Goldman Sachs, Societe Generale Russia Financial services BBB- Baa3 BBB-
Armenia (Govt of) 20-Sep USD 700 700 6.000% 98.600 6.250% 30-Sep-20 Deutsche Bank, HSBC, JPMorgan Armenia Sovereign NR Ba2 BB-
Russia (Govt of) 09-Sep USD 1,500 1,500 5.875% 97.187 6.080% 16-Sep-43 Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital Russia Sovereign BBB Baa1 BBB
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Bahrain (Govt of) 24-Jul USD 1,500 1,500 6.125% 99.447 6.200% 01-Aug-23 BNP Paribas, Citigroup, Gulf International Bank, JPMorgan Bahrain Sovereign NR Baa1 BBB
Ruwais Power Company (Shuweihat 2) 25-Jul USD 825 825 6.000% 100.000 6.000% 06-Aug-36 BNP Paribas, Citigroup, HSBC, Mitsubishi UFJ Securities,
National Bank of Abu Dhabi, Standard Chartered UAE Energy A- A3 NR
02-Jul USD 150 150 5.625% 101.750 - 21-Jun-18
Barclays, Citigroup Israel Energy BB+ Baa3 NR
Israel Electric Corporation USD 150 150 6.875% 100.375 - 21-Jun-23 BB+ Baa3 NR
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
AngloGold Ashanti 25-Jul USD 1,250 1,250 8.500% 100.000 8.500% 30-Jul-20 Citigroup, Deutsche Bank, Goldman Sachs South Africa Metals & mining BB+ Baa3 NR
First Bank of Nigeria 31-Jul USD 300 300 8.250% 98.999 8.500% 06-Aug-20 Citigroup, Goldman Sachs Nigeria Financial services B NR B-
Ghana (Govt of) 25-Jul USD 750 750 7.875% 99.151 8.000% 07-Aug-23 Barclays, Citigroup Ghana Sovereign B B1 B+
Eskom 30-Jul USD 1,000 1,000 6.750% 99.107 6.875% 06-Aug-23 Barclays, Citigroup South Africa Energy BBB Baa3 NR
Nigeria (Govt of) 02-Jul USD 500 500 6.375% 98.193 6.625% 12-Jul-23 Citigroup, Deutsche Bank Nigeria Sovereign BB- NR BB-
EASTERN EUROPE
MIDDLE EAST
AFRICA
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33
CEEMEA BOND ISSUANCE 4Q13│MAJOR ISSUES BY RE-OFFER YIELD
CENTRAL EUROPE Issuer Date
priced Size (m) Size (USDm) Coupon Re-offer
price Re-offer
yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Magyar Telecom (Invitel) (post-restructuring)
12-Dec (issue date)
EUR 150.051 207 7%
(cash), 9% (PIK)
100.000 - 15-Jun-18 - Hungary Telecoms CCC+ Caa1 NR
SBB/Telemach (Slovenia Broadband) 07-Nov EUR 475 641 7.875% 100.000 7.875% 15-Nov-20 BNP Paribas, Citigroup, Credit Suisse, ING, KKR, UniCredit Slovenia Telecoms B B2 NR
RCS & RDS 25-Oct EUR 450 621 7.500% 100.000 7.500% 01-Nov-20 JPMorgan, Erste Bank, Societe Generale, UniCredit Romania Telecoms B+ B1 NR
Hungarian Development Bank 11-Oct USD 750 750 6.250% 99.481 6.343% 21-Oct-20 Citigroup, Deutsche Bank, JPMorgan Hungary Financial
services NR Ba1 BB+
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
CB Renaissance Credit 15-Nov USD 100 100 13.500% 100.000 13.500% 22-May-19 Goldman Sachs, Sberbank Russia Financial services NR B3 NR
Bank Saint-Petersburg 15-Oct USD 100 100 10.750% 100.000 10.750% 22-Apr-19 JPMorgan, VTB Capital Russia Financial services NR NR B+
Home Credit & Finance Bank 10-Oct USD 200 200 10.500% 100.000 10.500% 19-Apr-21 Citigroup, Sberbank, UBS Russia Financial
services NR NR BB-
Bank Kaspi 24-Oct USD 200 200 9.875% 99.684 10.000% 28-Oct-16 JPMorgan, VTB Capital Kazakhstan Financial services BB- B1 NR
Vneshprombank (Foreign Economic Industrial Bank)
08-Nov/ 21-Nov USD 225 200 9.000% 100.000 9.000% 14-Nov-16 Otkritie Bank, Raiffeisen Bank International Russia Financial
services B+ B2 NR
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Gems Education 18-Nov USD 200 200 12%, variable 100.000 12.000% Perpetual Abu Dhabi Islamic Bank, Credit Suisse, Morgan Stanley UAE Services: other NR NR NR
ShaMaran Petroleum 29-Oct USD 150 150 11.500% - - 31-Dec-18 Pareto Securities Other Energy NR NR NR
Topaz Energy and Marine 25-Oct USD 350 350 8.625% 100.000 8.625% 01-Nov-18 Goldman Sachs, HSBC, Standard Chartered UAE Energy B- B3 NR
Majid Al Futtaim (MAF) Group 23-Oct USD 500 500 7.125%,
variable 100.000 7.125% perpetual BofA-Merrill Lynch, Emirates NBD, Goldman Sachs, HSBC, JPMorgan, Standard Chartered UAE Real estate NR NR NR
Issuer Date priced Size (m) Size
(USDm) Coupon Re-offer price
Re-offer yield Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch
Edcon Holdings 08-Nov EUR 425 573 13.375% 100.000 13.375% 30-Jun-19 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan, RMB Morgan Stanley South Africa Consumer:
retail CCC Caa2 NR
Transnet 06-Nov ZAR 5,000 491 9.500% 100.000 9.500% 13-May-21 Deutsche Bank South Africa Transport BBB A3 NR Millicom International Cellular 10-Oct USD 800 800 6.625% 100.000 6.625% 15-Oct-21 BNP Paribas, Citigroup, JPMorgan Other Telecoms NR Ba2 BB+
Afren 27-Nov USD 360 360 6.625% 100.000 6.625% 09-Dec-20 BofA-Merrill Lynch, Citigroup, Credit Suisse Other Energy B+ NR B+
Banque Marocaine du Commerce Exterieur 21-Nov USD 300 300 6.250% 98.947 6.500% 27-Nov-18 Barclays, BMCE Capital, BNP Paribas, Citigroup Morocco Financial
services NR Ba1 NR
EASTERN EUROPE
MIDDLE EAST
AFRICA
<< BACK TO CONTENTS
34
Page 35 — FY13 maturity breakdown Page 36 — Quarterly maturity breakdowns Page 37 — FY13 currency breakdown Page 38 — Quarterly currency breakdowns Page 39 — Quarterly currency breakdowns, YoY
CEEMEA BOND ISSUANCE
TENOR & CURRENCY
ANALYSIS
<< BACK TO CONTENTS
35
CEEMEA BOND ISSUANCE FY13│MATURITY BREAKDOWN << BACK TO CONTENTS
36
CEEMEA BOND ISSUANCE FY13│MATURITY BREAKDOWN
1Q13
2Q13
3Q13
4Q13
0.1 0.1 1.0 2.20.7
17.3
2.5
7.4
0.5 1.4
18.1
0.21.4 1.4 2.0
3.01.0
1 issue 2 issues5 issues 6 issues
3 issues
35 issues
4 issues
9 issues
2 issues 2 issues
18 issues
1 issue 2 issues 2 issues 1 issue 4 issues 1 issue
Amount issued (in USDbn) No. of issues
0.12.7
0.2 2.0 1.1
18.7
0.8
8.3
2.30.5
11.3
0.5 0.6 0.33.5
1.0
1 issue 1 issue 2 issues 6 issues3 issues
37 issues
2 issues
14 issues
2 issues 1 issue
15 issues
1 issue 1 issue 1 issue 2 issues 1 issue
Amount issued (in USDbn) No. of issues
0.15 1.00
5.77
2.04
9.71
0.40
7.65
0.202.00 0.83 1.50
2 issues1 issue
9 issues
3 issues
15 issues
1 issue
7 issues
1 issue 1 issue 1 issue 1 issue
Amount issued (in USDbn) No. of issues
4.70
0.77
14.86
3.27
6.96
3.186.68
3.25 1.360.7
10 issues
3 issues
26 issues
7 issues9 issues
4 issues6 issues
2 issues 1 issue 2 issues
Amount issued (in USDbn) No. of issues
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37
FY13 SUMMARY
CEEMEA BOND ISSUANCE FY13│CURRENCY BREAKDOWN
USD EUR CHF RUB CNY TRY AUD GBP ZAR
Amount (original currency) 136.76bn 32.36bn 3.64bn 113.50bn 3.75bn 2.60bn 0.48bn 0.50bn 5.00bn
Number of issues 209 53 17 8 5 4 2 1 1
% of total issuance 69.7% 17.7% 5.7% 2.7% 1.7% 1.3% 0.7% 0.3% 0.3%
Amount (USD-equivalent) 136.76bn 42.94bn 3.96bn 3.75bn 0.60bn 1.46bn 0.48bn 0.80bn 0.49bn
% of total issuance 71.5% 22.5% 2.1% 2.0% 0.3% 0.8% 0.3% 0.4% 0.3%
Total amount issued (USD-equivalent) 191.23bn
Total number of issues 300
By number of issues By amount issued (in USDbn)
USD 69.7% EUR 17.7%
CHF 5.7%
RUB 2.7%
CNY 1.7%TRY 1.3%
AUD 0.7%
GBP 0.3%
ZAR 0.3%
USD 71.5%
EUR 22.5%
CHF 2.1%RUB 2.0%
CNY 0.3%TRY 0.8%
AUD 0.3%
GBP 0.4%ZAR 0.3%
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38
1Q13 SUMMARY
CEEMEA BOND ISSUANCE FY13│CURRENCY BREAKDOWN BY QUARTER
USD EUR RUB CHF CNY TRY AUD
Amount (original currency) 40.90bn 9.13bn 103.50bn 1.50bn 3.75bn 2.60bn 0.30bn
Number of issues 62 13 7 6 5 4 1
% of total issuance 63.3% 13.3% 7.1% 6.1% 5.1% 4.1% 1.0%
Amount (USD-equivalent) 40.90bn 12.06bn 3.43bn 1.61bn 0.60bn 1.46bn 0.31bn
% of total issuance 67.7% 20.0% 5.7% 2.7% 1.0% 2.4% 0.5%
Total amount issued (USD-equivalent) 60.37bn
98 Total number of issues
2Q13 SUMMARY USD EUR CHF RUB AUD
Amount (original currency) 45.37bn 5.40bn 0.75bn 10.00bn 0.18bn
Number of issues 73 10 5 1 1
% of total issuance 81.1% 11.1% 5.6% 1.1% 1.1%
Amount (USD-equivalent) 45.37bn 7.23bn 0.82bn 0.32bn 0.17bn
% of total issuance 84.2% 13.4% 1.5% 0.6% 0.3%
Total amount issued (USD-equivalent) 53.91bn
Total number of issues 90
3Q13 SUMMARY USD EUR CHF GBP
Amount (original currency) 23.27bn 5.28bn 0.20bn 0.50bn
Number of issues 28 12 1 1
% of total issuance 66.7% 28.6% 2.4% 2.4%
Amount (USD-equivalent) 23.27bn 6.97bn 0.22bn 0.80bn
% of total issuance 74.5% 22.3% 0.7% 2.5%
Total amount issued (USD-equivalent) 31.25bn
Total number of issues 42
4Q13 SUMMARY USD EUR RUB ZAR
Amount (original currency) 27.24bn 12.55bn 1.19bn 5.00bn
Number of issues 46 18 5 1
% of total issuance 65.7% 25.7% 7.1% 1.4%
Amount (USD-equivalent) 27.24bn 16.68bn 1.31bn 0.49bn
% of total issuance 59.6% 36.5% 2.9% 1.1%
Total amount issued (USD-equivalent) 45.71bn
Total number of issues 70
USD 63.3%
EUR 13.3%
RUB 7.1%
CHF 6.1%
CNY 5.1%
TRY 4.1%AUD 1.0%
USD 67.7%EUR 20.0%
RUB 5.7%
CHF 2.7%
CNY 1.0%TRY 2.4%
AUD 0.5%
USD 81.1%
EUR 11.1%
CHF 5.6%
RUB 1.1%AUD 1.1%
USD 84.2%
EUR 13.4%
CHF 1.5%RUB 0.6%
AUD 0.3%
USD 66.7%EUR 28.6%
CHF 2.4%GBP 2.4%
USD 74.5%EUR 22.3%
CHF 0.7%GBP 2.5%
USD 65.7%
EUR 25.7%
CHF 7.1%
ZAR 1.4%
USD 59.6%
EUR 36.5%
CHF 2.9%ZAR 1.1%
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39
1Q12 vs 1Q13 2Q12 vs 2Q13
CEEMEA BOND ISSUANCE FY13│CURRENCY BREAKDOWN BY QUARTER, YoY
75.1%67.6%
81.6% 84.5%
69.3% 68.3%
16.1%
15.3%
13.2%15.5%
30.7%26.3%
1.5%
4.0%5.3%17.2%
1.2%
1.2%4.2%1.5%
0.4%
Jul-12 Aug-12 Sep-12 Jul-13 Aug-13 Sep-13
USD EUR RUB CHF GBP SGD MYR
69.5% 74.0%
90.1%
63.6%53.6%
87.5%
26.9% 21.8%
1.8%
31.1%43.1%
12.5%1.6% 4.7%1.3%
0.6%5.3% 1.3%
3.6%0.6%
3.4% 2.0%
Oct-12 Nov-12 Dec-12 Oct-13 Nov-13 Dec-13
USD EUR RUB CHF JPY CNY AUD ZAR
81.9%69.9%
75.9%
59.6%69.5%
75.9%
18.1%
24.2% 12.5%
20.6%
21.5%17.2%
2.8%5.2%
11.9%3.9%
3.0% 6.4%3.4% 1.2% 3.7%2.6% 2.1% 2.5%1.9% 0.4%
0.7%1.4%
Jan-12 Feb-12 Mar-12 Jan-13 Feb-13 Mar-13
USD EUR RUB CHF TRY CNY AUD
80.5%91.2% 88.5%
83.1% 84.9%90.6%
9.0%
11.5%14.8% 11.9%
9.4%1.0%8.8% 1.8%
1.0%2.4%
1.7% 0.9%7.0%
Apr-12 May-12 Jun-12 Apr-13 May-13 Jun-13
USD EUR RUB CHF TRY AUD JPY
3Q12 vs 3Q13 4Q12 vs 4Q13
<< BACK TO CONTENTS
40
Page 41 — 1Q13 data points Page 42 — 2Q13 data points Page 43 — 3Q13 data points Page 44 — 4Q13 data points
CEEMEA BOND ISSUANCE
RE-OFFER RATES, TENORS &
RATINGS CENTRAL EUROPE
Page 45 — 1Q13 data points Page 46 — 2Q13 data points Page 47 — 3Q13 data points Page 48 — 4Q13 data points
EASTERN EUROPE
Page 49 — 1Q13 data points Page 50 — 2Q13 data points Page 51 — 3Q13 data points Page 52 — 4Q13 data points
MIDDLE EAST
Page 53 — 1Q13 data points Page 54 — 2Q13 data points Page 55 — 3Q13 data points Page 56 — 4Q13 data points
AFRICA
<< BACK TO CONTENTS
41
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│1Q13
CENTRAL EUROPE
Poland (A-/A2/A-) 1.705%
NWR (B/B3/NR) 7.875%
Lithuania (BBB/Baa1 /BBB) tap 2.631%
Bite (B/NR/B-) 7.974%
Hungary (BB/Ba1/BB+) 4.219%
Hungary (BB/Ba1/BB+) 5.432%
Romania (BB+/Baa3/BBB-) 4.500%
Slovakia (NR/A2/A) 3.000%
Energa (NR/Baa1/BBB) 3.298%
Slovakia (NR/NR/NR) CHF 1.424%
Slovakia (NR/NR/NR) CHF 2.154%
Croatia (BB+/NR/BBB-) 5.625%
0.000%
1.000%
2.000%
3.000%
4.000%
5.000%
6.000%
7.000%
8.000%
9.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
Maturity
SovereignsFinancial institutionsCorporates
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42
EP Energy (NR/NR/BBB-) 4.375%
RPG Byty (NR/Ba2/BB-) 6.750%
Slovenia (A-/Ba1/A-) 4.950%
Slovenia (A-/Ba1/A-) 6.000%
Nitrogenmuvek (BB-/NR/BB-) 7.875%
Slovakia (A/A2/A+) 1.592%
CEZ (NR/A2/A-) 3.100%City of Prague (A+/A1/NR) 3.194%
0.000%
1.000%
2.000%
3.000%
4.000%
5.000%
6.000%
7.000%
8.000%
9.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
Maturity
SovereignsFinancial institutionsCorporates
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│2Q13
CENTRAL EUROPE
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43
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│3Q13
CENTRAL EUROPE
Eustream (A-/Baa1/NR) 3.851%
Eustream (A-/Baa1/NR) tap 3.599%
TVN (B+/B1/NR) 7.375%
PTH (B-/NR/NR) PIK, sen.sec. 11.000%
Romania (BB+/Baa3/BBB-) 4.769%
Eximbank (Hungary) (NR/NR/AAA ) secured 2.255%
Eximbank (Hungary) (NR/NR/BB+) secured 7.000%
0.000%
2.000%
4.000%
6.000%
8.000%
10.000%
12.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
Maturity
SovereignsFinancial institutionsCorporates
<< BACK TO CONTENTS
44
ZSE (BBB+/NR/NR) 2.875%
ZSE (BBB+/NR/NR) 4.023%
Hungarian Dev. Bank (NR/Ba1/BB+) 6.343%
Poland (A-/A2/A-) tap 1.759%
Romania (BB+/Baa3/BBB-) tap 4.150%
RCS & RDS (B+/B1/NR) sen. sec. 7.500%
SBB/Telemach (B/B2/NR) sen. sec. 7.875%
Hungary (BB/Ba1/BB+) 5.930%
Croatia (BB+/Ba1/BB+) 6.200%
GRANVIA (R1 Expressway) (BBB+/NR/NR) sen. sec. 4.781%
0.000%
1.000%
2.000%
3.000%
4.000%
5.000%
6.000%
7.000%
8.000%
9.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
Maturity
Sovereigns
Financial institutionsCorporates
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│4Q13
CENTRAL EUROPE
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45
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│1Q13
EASTERN EUROPE
Turkey (BB/Ba1/BBB-) 3.473%
Yapi ve Kredi (NR/Baa2/BBB) 4.078%
Ukreximbank (NR/B3/B) 8.750%
Gazprombank (BBB-/Baa3/NR) 7.875%
VTB (BBB/Baa1/BBB) tap, CNY 3.802%
Credit Europe Bank (NR/Ba3/BB-) T2 8.000%
RSHB (NR/Baa1/BBB) CNY 3.600%
Sibur (NR/Ba1/BB+) 3.914%
Sberbank (NR/A3/BBB) RUB 7.000%
Credit Bank of Moscow (NR/BB-/B1) 7.700%
RSHB (NR/NR/NR) RUB 7.875%
RZD (NR/Baa1/NR) CHF 2.177%
RZD (NR/Baa1/NR) CHF 2.730%
Halk Bank (NR/Baa2/BBB-) 4.057%Gazprom (NR/Baa1/BBB) 3.850%
Gazprom (NR/Baa1/BBB) 4.950%
Akbank (NR/Baa2/BBB) TRY 7.500%
Rus. Standard Bank (B+/Ba3/B+) CNY 8.000%
AHML/AIZhK (BBB/Baa1/NR) RUB 7.750%
BankPozitif (NR/NR/BBB-) 5.000%
Gazprombank (BBB-/Baa3/NR) CNY 4.000%
Ukraine (B/B3/B) tap 7.625%
Sberbank (NR/A3/BBB) CHF 2.065%
PhosAgro (NR/Baa3/BB+) 4.204% Dev. Bank of Kaz. (BBB+/Baa3/BBB) tap 4.125%
VimpelCom (BB/Ba3/NR) 5.200%
VimpelCom (BB/Ba3/NR) 5.950%
VimpelCom (BB/Ba3/NR) 9.000%
VTB (NR/NR/NR) TRY 7.788%
NLMK (BBB-/Baa3/BBB-) 4.450%
Novatek (BBB-/Baa3/BBB-) RUB 7.750%
Promsvyazbank (NR/Ba3/B+) tap 9.000%
CB Ren. Cap. (NR/NR/NR) tap 12.630%
Tinkoff C.S. (NR/B3/NR) tap 12.408%
VEB (BBB/Baa1/BBB) 4.032%
VEB (BBB/Baa1/BBB) 3.035%
PrivatBank (NR/B3/B) 10.875%
Sberbank (NR/A3/BBB) TRY 7.400%
Garanti Bank (NR/Baa2/BBB) 7.500%
SOCAR (BB+/Ba1/BBB-) 4.750%
Severstal (BB+/NR/BB) 4.450%
Rus.Standard Bank (B+/Ba3/B+) tap, CNY 7.274%
Gazprom (BBB/Baa1/BBB) 3.389%
Gazprom (BBB/Baa1/BBB) 4.364%
Oschadbank (NR/B3/B) 8.875%
MHP (B/NR/B) 8.250%
Bank Asya (NR/Ba3/NR) T2, sukuk 7.500%
Ukrlandfarming (B-/NR/B) 10.875%
Ukrlandfarming (B-/NR/B) add-on 10.875%
Tinkoff C.S. (n.a./n.a./n.a.) ECP 6.250%
TMK (B+/B1/NR) 6.750%
Arcelik (BB+/NR/BB+) 5.125%
DTEK (NR/B3/B) 8.125%
Ukreximbank (NR/B3/B) tap 8.375%
0.000%
2.000%
4.000%
6.000%
8.000%
10.000%
12.000%
14.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
Maturity
Sovereigns
Financial institutionsCorporates
<< BACK TO CONTENTS
46
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│2Q13
EASTERN EUROPE
Isbank (NR/Baa2/BBB) 3.888%Vakifbank (NR/Baa2/BBB-) 3.876%
Ukraine (B/B3/B) 7.500%
Turkey (BB/Ba1/BBB-) 4.950%
AKLease (NR/NR/BBB) 4.250%
Metalloinvest (BB-/Ba2/BB-) 5.625%
Eurasia Drilling (BB+/NR/BB) 4.875%
Eastcomtrans (NR/B3/B) 8.000%
Mriya (B/NR/B) 9.750%
Evraz Group (B+/NR/BB-) 6.500%
Rus.Rail./RZD (BBB/Baa1/BBB) 3.374%Lukoil (BBB/Baa2/BBB-) 3.416%
Lukoil (BBB/Baa2/BBB-) 4.563%
Alrosa (n.a./n.a./n.a.) ECP 2.250%
Alfa-Bank (BB+/Ba1/BBB-) RUB 8.625%
Polyus Gold (BB+/NR/BBB-) 5.625%
Gazprom Neft (BBB-/Baa3/NR) 2.933%
Koc Holding (BBB-/Baa3/NR) 3.568%
Nomos Bank (NR/Ba3/BB) 7.250%
Isbank (NR/Baa2/BBB) tap 3.550%Uralkali (NR/Baa3/BBB-) 3.723%
FESCO (BB-/NR/B+) 8.000%
FESCO (BB-/NR/B+) 8.750%
DTEK (NR/B3/B) tap 8.125%
Turkiye Finans (NR/NR/BBB) 3.950%
Alliance Oil (B+/NR/B) 7.125%
KazMunayGas (BBB-/Baa3/BBB-) 4.450%
KazMunayGas (BBB-/Baa3/BBB-) 5.800%
Norilsk Nickel (BBB-/Baa2/BB+) 4.375%
Credit Bank of Moscow (NR/NR/B+) sen.sub. 8.700%
Nord Gold (NR/Ba3/BB-) 6.375%
Albaraka Turk (NR/NR/NR) sukuk 7.750%
Sisecam (BB+/Ba1/NR) 4.373%
Ukrlandfarming (B-/NR/B) tap 10.875%
Ukrzaliznytsia (B/NR/B-) 9.500%
FESCO (BB-/NR/B+) tap 7.659%
FESCO (BB-/NR/B+) tap 8.209%
Gunvor (NR/NR/NR) 6.000%
Sberbank (NR/NR/BBB-) sen.sub. 5.250%
KazAgro (BBB+/NR/BBB) 4.625%
CB Ren.Credit (B/B2/B) 7.750%
MTS (BB/Ba2/BB+) 5.000%
Nomos (NR/B1/BB-) sub. 8.150%
Bank of K.-Mansiysk (NR/NR/NR) sub. 9.150%
UBRD (B/NR/NR) T2, sub. 12.000%
0.000%
2.000%
4.000%
6.000%
8.000%
10.000%
12.000%
14.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr 29yr 30yr 31yr 32yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
Maturity
Sovereigns
Financial institutionsCorporates
<< BACK TO CONTENTS
47
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│3Q13
EASTERN EUROPE
Rus.Standard Bank (NR/NR/B) sen.sub. 11.500%
Gazprom (BBB/Baa1/BBB) 3.700%
Rus.Agro (RSHB) (NR/Baa3/BBB) 5.100%
Mersin Int. Port (NR/Baa3/BBB-) 5.950%
Russia (BBB/Baa1/BBB) 3.664%
Russia (BBB/Baa1/BBB) 5.112%
Russia (BBB/Baa1/BBB) 6.080%
Russia (BBB/Baa1/BBB) 3.702%
Gazprom (BBB/Baa1/BBB) GBP 5.338%EADB (BBB/A3/NR) 5.292%
Borets (BB/B1/NR) 7.625%
Armenia (NR/Ba2/BB-) 6.250%
Coca-Cola Icecek (NR/Baa3/BBB) 4.913%
Gazprombank (BBB-/Baa3/BBB-) sub. 7.496%
0.000%
2.000%
4.000%
6.000%
8.000%
10.000%
12.000%
14.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr 29yr 30yr 31yr 32yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
Maturity
Sovereigns
Financial institutionsCorporates
<< BACK TO CONTENTS
48
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│4Q13
EASTERN EUROPE
Turkey (NR/Baa3/BBB-) sukuk 4.557%
RSHB (NR/NR/NR) T2, sen. sub. 8.500%
HCFB (NR/NR/BB-) T2, sub. 10.500%
Isbank (NR/Baa2/BBB) 5.614%
Bank SPb (NR/NR/B+) sub. 10.750%
Gazprom (BBB/Baa1/BBB) CHF 2.850%
Norilsk Nickel (BBB-/Baa2/BB+) 5.550%
VTB (NR/NR/NR) CHF 2.902%
Gazprombank (BBB-/Baa3/BBB-) 3.984%
Bank Kaspi (BB-/B1/NR) 10.000%
Vakifbank (NR/Baa2/BBB-) 5.149%
Bank of Georgia (BB-/Ba3/BB-) tap 6.125%
Bulgarian Energy Holding (NR/NR/BB+) 4.287% Turkey (BB+/Baa3/BBB-) 4.450%
Gazprombank (BBB-/Baa3/BBB-) CHF 2.403%
VPB (B+/B2/NR) 9.000%
Domodedovo (BB+/NR/BB+) 6.000%
BTC/Vivacom (BB-/B1/NR) sen. sec. 6.625%
CB Ren. Credit (NR/B3/NR) T2, sen. sub. 13.500%
VEB (BBB/NR/BBB) 4.224%
VEB (BBB/NR/BBB) 5.942%
Alfa-Bank (NR/NR/BB+) CHF 4.000%
Gazprom Neft (BBB-/Baa3/BBB) 6.000%Serbia (BB-/B1/BB-) 6.125%
Kaz. Engineering (NR/Ba2/BBB-) 4.550%
VPB (B+/B2/NR) tap 9.000%
Yapi ve Kredi Bankasi (NR/Baa2/BBB) 5.402%
Isbank (NR/Ba1/BBB-) T2, sub. 7.850%
Uranium One (B+/Ba3/BB-) sen. sec. 6.500%
0.000%
2.000%
4.000%
6.000%
8.000%
10.000%
12.000%
14.000%
16.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
Maturity
Sovereigns
Financial institutionsCorporates
<< BACK TO CONTENTS
49
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│1Q13
MIDDLE EAST
Dubai (NR/NR/NR) sukuk 3.875%
Dubai (NR/NR/NR) 5.375%
Ooredoo (QTel) (A/A2/A+) 3.979%
Ooredoo (QTel) (A/A2/A+) 4.643%
Israel (A+/A1/A) 3.213%
Israel (A+/A1/A) 4.588%Emirates (NR/NR/NR) amortising 4.510%
Millennium Offshore Services (B/B2/NR) 9.500%
ADCB (A/NR/A+) 2.578%
ADCB (A-/NR/A) 4.610%
DEWA (NR/NR/NR) sukuk 3.000%
Eole Finance (Emirates) (NR/NR/AAA) amortising 2.341%
Emirates (NR/NR/NR) sukuk, amortising 4.024%
DIB (NR/NR/NR) T1, sukuk 6.250%
BankMuscat (A-/A1/NR) 2.650%
Emirates NBD (NR/NR/A) 4.875%
Saudi Electricity Co. (AA-/A1/AA-) sukuk 3.473%
Saudi Electricity Co. (AA-/A1/AA-) sukuk 5.060%
0.000%
1.000%
2.000%
3.000%
4.000%
5.000%
6.000%
7.000%
8.000%
9.000%
10.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr 29yr 30yr 31yr 32yr 33yr 34yr 35yr 36yr 37yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
perpetuity Maturity
SovereignsFinancial institutionsCorporates
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50
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│2Q13
MIDDLE EAST
Sharjah Isl.Bank (BBB+/NR/BBB+) sukuk 2.950%
Lebanon (B/B1/B) tap 6.150%
Lebanon (B/B1/B) tap 6.700%
Qatar Nat.Bank (A+/Aa3/A+) 3.000%
Lebanon (NR/NR/NR) 4.500%
Lebanon (NR/NR/NR) 5.500%
Batelco (BBB-/NR/BBB-) 4.342%
Dana Gas (NR/NR/NR) sukuk 9.000%
Com.Bank of Dubai (NR/Baa1/A-) 3.479%
Dar Al Arkan (B+/NR/NR) sukuk 5.875%Emirates NBD (NR/NR/NR) T1, jr. sub., hybrid 5.750%
ADCB (A-/NR/A) LT2, sub. 3.178%
Islamic Dev.Bank (NR/NR/NR) sukuk 1.535%
Israel Electric (BB+/Baa3/NR) 5.625%
Israel Electric (BB+/Baa3/NR) 6.875%
0.000%
1.000%
2.000%
3.000%
4.000%
5.000%
6.000%
7.000%
8.000%
9.000%
10.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
perpetuity Maturity
SovereignsFinancial institutionsCorporates
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51
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│3Q13
MIDDLE EAST
Bahrain (NR/Baa1/BBB) 6.200%
Shuweihat 2 (A-/A3/NR) amort., sen.sec. 6.000%
SABIC (A+/A1/A+) 2.625%
0.000%
1.000%
2.000%
3.000%
4.000%
5.000%
6.000%
7.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
Maturity
SovereignsFinancial institutionsCorporates
<< BACK TO CONTENTS
52
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│4Q13
MIDDLE EAST
Al Hilal Bank (NR/A1/A+) sukuk 3.267%Ras Al Khaimah (A/NR/A) sukuk 3.297%
MAF Group (NR/NR/NR) sub. 7.125%
Qatar National Bank (A+/Aa3/A+) 2.867%
Topaz Energy & Marine (B-/B3/NR) Nico Middle East 8.625%
Jordan (NR/NR/NR) US-guaranteed 2.503%
First Gulf Bank (NR/A2/A+) 3.405%
Guaranty Trust Bank (BB-/NR/B+) 6.125%
SABIC (A+/NR/A+) 2.865%
Gems Education (NR/NR/NR) sukuk, sub. 12.000%
DAAR (B+/NR/NR) sukuk 6.000%
Aldar Properties (BB/Ba2/NR) sukuk 4.348%
Ooredoo (A/A2/A+) sukuk 3.039%
0.000%
2.000%
4.000%
6.000%
8.000%
10.000%
12.000%
14.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
perpetuity Maturity
SovereignsFinancial institutionsCorporates
<< BACK TO CONTENTS
53
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│1Q13
AFRICA
Sea Trucks (NR/NR/NR) 9.000%
Afr.Dev.Bank (AAA/Aaa/AAA) 0.955%
Edcon (B/B3/NR) tap 10.415%
0.000%
2.000%
4.000%
6.000%
8.000%
10.000%
12.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
Maturity
Sovereigns
Financial institutionsCorporates
<< BACK TO CONTENTS
54
Afr.Dev.Bank (AAA/Aaa/AAA) tap 0.860%
Anglo American (BBB/Baa1/NR) 2.587%
Rwanda (B/NR/B) 6.875%Fidelity Bank (B/NR/B) 7.000%
Millicom (NR/Ba2/BB+) 4.875%
Morocco (BBB-/Ba1/BBB-) tap 4.216%
Morocco (BBB-/Ba1/BBB-) tap 5.567%
AfrEximBank (BBB-/Baa2/BBB-) 4.035%
Afr.Dev.Bank (AAA/Aaa/AAA) tap 0.909%
Egypt (B-/B3/B) 4.250%
0.000%
1.000%
2.000%
3.000%
4.000%
5.000%
6.000%
7.000%
8.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr 14yr 15yr 16yr 17yr 18yr 19yr 20yr 21yr 22yr 23yr 24yr 25yr 26yr 27yr 28yr 29yr 30yr 31yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
Maturity
SovereignsFinancial institutionsCorporates
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│2Q13
AFRICA
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55
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│3Q13
AFRICA
Egypt (B-/B3/B) 3.500%
Nigeria (BB-/NR/BB-) 5.375%
Nigeria (BB-/NR/BB-) 6.625%
Naspers (NR/Baa3/NR) 6.000%
Ghana (B/B1/B+) 8.000%
AngloGold Ashanti (BB+/Baa3/NR) 8.500%
Eskom (BBB/Baa3/NR) 6.875%
First Bank of Nigeria (B/NR/B-) T2, sub. 8.500%
South Africa (BBB/Baa1/BBB) 6.062%
Afr.Dev.Bank (NR/NR/NR) 1.639%
0.000%
1.000%
2.000%
3.000%
4.000%
5.000%
6.000%
7.000%
8.000%
9.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr 13yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
Maturity
SovereignsFinancial institutionsCorporates
<< BACK TO CONTENTS
56
CEEMEA BOND ISSUANCE RE-OFFER RATE, TENOR AND RATINGS│4Q13
AFRICA
Millicom (NR/Ba2/BB+) 6.625%
Tullow Oil (BB-/B1/NR) 6.000%
Transnet (BBB/A3/NR) ZAR 9.500%
Edcon (CCC/Caa2/NR) sub. 13.375%
BMCE (NR/Ba1/NR) 6.500%Afren (B+/NR/B+) 6.625%
PTA Bank (NR/Ba1/BB) 6.375%
Gabon (BB-/NR/BB-) amort. 6.375%
0.000%
2.000%
4.000%
6.000%
8.000%
10.000%
12.000%
14.000%
16.000%
0yr 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr 11yr 12yr
Re-offer rate
Order of ratings: S&P/Moody's/Fitch
Maturity
SovereignsFinancial institutionsCorporates
<< BACK TO CONTENTS
57
USD 0.2bn
USD 0.4bn
USD 0.5bn
USD 1.4bn
USD 0.7bn
USD 1.0bn
USD 1.0bn
USD 1.7bn
USD 2.9bn
USD 3.2bn
USD 28.1bn
1 issue
1 issue
1 issue
1 issue
2 issues
2 issues
2 issues
4 issues
5 issues
10 issues
20 issues
Chemicals & materials
Metals & mining
Real estate
Construction
Consumer: other
Media
Transport
Telecoms
Energy
Financial services
Sovereign
DEALS BY SECTOR
USD 41.1bn
BY COUNTRY
CEEMEA BOND ISSUANCE FY13│CENTRAL EUROPE RETURN TO MAIN MAP
USD 0.8bn
USD 3.4bn
USD 4.8bn
USD 6.6bn
USD 3.0bn
USD 4.8bn
USD 8.3bn
USD 9.4bn
2 issues
3 issues
4 issues
6 issues
7 issues
8 issues
9 issues
10 issues
Lithuania
Croatia
Romania
Slovenia
Czech Republic
Poland
Hungary
Slovakia
Issuer Size (m) Size (USDm) Coupon Maturity Country Sector
Hungary (Govt of) EUR 2,000 2,699 5.750% 22-Nov-23 Hungary Sovereign
Slovenia (Govt of) USD 2,500 2,500 5.850% 10-May-23 Slovenia Sovereign
Slovakia (Govt of) EUR 1,750 2,337 3.000% 28-Feb-23 Slovakia Sovereign
Slovenia (Govt of) EUR 1,500 2,019 4.700% 01-Nov-16 Slovenia Sovereign
Hungary (Govt of) USD 2,000 2,000 5.375% 21-Feb-23 Hungary Sovereign
LARGEST DEALS
49 issues
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58
USD 0.1bn
USD 0.2bn
USD 2.0bn
USD 0.5bn
USD 1.0bn
USD 1.2bn
1 issue
1 issue
1 issue
2 issues
2 issues
3 issues
Slovenia
Croatia
Romania
Hungary
Slovakia
Poland
USD 0.3bn
USD 0.4bn
USD 1.5bn
USD 1.5bn
USD 0.8bn
USD 2.0bn
USD 3.3bn
USD 4.9bn
1 issue
1 issue
1 issue
1 issue
2 issues
2 issues
2 issues
4 issues
Slovenia
Czech Republic
Romania
Croatia
Lithuania
Poland
Hungary
Slovakia
USD 0.2bn
USD 1.3bn
USD 0.7bn
USD 3.5bn
USD 2.7bn
1 issue
1 issue
2 issues
2 issues
6 issues
Hungary
Slovakia
Poland
Slovenia
Czech Republic
1Q13 2Q13
CEEMEA BOND ISSUANCE COUNTRY BREAKDOWN│FY13
3Q13 4Q13
USD 0.9bn
USD 1.8bn
USD 1.3bn
USD 2.7bn
USD 2.2bn
USD 4.3bn
1 issue
1 issue
2 issues
2 issues
3 issues
4 issues
Poland
Croatia
Romania
Slovenia
Slovakia
Hungary
<< BACK TO CONTENTS
59
CEEMEA BOND ISSUANCE BOND ISSUES│1Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Poland (Govt of) 08-Jan EUR 1,000 1.625% 99.547 1.705% Senior unsecured
15-Jan-19 BNP Paribas, Deutsche Bank, HSBC, UniCredit
Poland Sovereign A- A2 A-
Slovakia (Govt of) 08-Feb EUR 1,500 3.875% - - Senior unsecured
08-Feb-33 HSBC Slovakia Sovereign NR A2 A Reg S
New World Resources (NWR)
16-Jan EUR 275 7.875% 100.000 7.875% Senior unsecured
15-Jan-21 Citigroup, Erste Bank, Goldman Sachs, Morgan Stanley
Czech Republic
Metals & mining
B B3 NR Make-whole call option before 15-Jan-17, call option from 15-Jan-17
Lithuania (Govt of) 28-Jan EUR 400 4.850% 110.270 2.631% Senior unsecured
07-Feb-18 Barclays, Citigroup Lithuania Sovereign BBB Baa1 BBB Tap of EUR 1bn 4.85% 2018, Reg S
Bite Group 30-Jan EUR 200 Euribor +7.5%
99.000 7.974% Senior secured
15-Feb-18 Deutsche Bank, Credit Suisse, Lithuania Telecoms B NR B- Make-whole call option and equity claw-back option before 2015, call option from 2015, change-of-control option, Reg S/144a
Hungary (Govt of) 12-Feb
USD 1,250 4.125% 99.580 4.219% Senior unsecured
19-Feb-18
BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs
Hungary Sovereign
BB Ba1 BB+
Dual-tranche
USD 2,000 5.375% 99.564 5.432% Senior unsecured
21-Feb-23 BB Ba1 BB+
Romania (Govt of) 14-Feb USD 1,500 4.375% 98.963 4.500% Senior unsecured
22-Aug-23 Barclays, BNP Paribas, Citigroup, HSBC Romania Sovereign BB+ Baa3 BBB- Reg S/144a
Slovakia (Govt of) 20-Feb EUR 1,750 3.000% 100.000 3.000% Senior unsecured
28-Feb-23 Deutsche Bank, ING, Societe Generale, Slovenska Sportilena
Slovakia Sovereign NR A2 A Reg S
Energa 14-Mar EUR 500 3.250% 99.704 3.298% Senior unsecured
19-Mar-20 BofA-Merrill Lynch, BNP Paribas, HSBC Poland Energy NR Baa1 BBB Reg S
Slovakia (Govt of) 18-Mar
CHF 400 1.375% 99.702 1.424% Senior unsecured
16-Oct-19
BNP Paribas, UBS Slovakia
NR NR NR Dual-tranche, issue price = 100.427
Sovereign
CHF 175 2.125% 99.736 2.154% Senior unsecured
16-Oct-23 NR NR NR Dual-tranche, issue price = 100.411
Croatia (Govt of) 26-Mar USD 1,500 5.500% 99.054 5.625% Senior unsecured
04-Apr-23 BofA-Merrill Lynch, Deutsche Bank, Goldman Sachs, JPMorgan
Croatia Sovereign BB+ NR BBB-
SID Banka (Slovenska izvozna in razvojna banka)
26-Mar EUR 200 Euribor +3.2%
100.000 - Senior unsecured
28-Mar-16 Berenberg Bank, Erste Bank Slovenia Financial services
NR NR NR Private placement, listed in Vienna
CENTRAL EUROPE
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60
CEEMEA BOND ISSUANCE BOND ISSUES│2Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
EP Energy 11-Apr EUR 600 4.375% 100.000 4.375% Senior secured
01-May-18 JPMorgan, Societe Generale, Royal Bank of Scotland, UniCredit
Czech Republic
Energy NR NR BBB- Reg S/144a
RPG Byty 19-Apr EUR 400 6.750% 100.000 6.750% Senior secured
01-May-20 Goldman Sachs, JPMorgan Czech Republic
Real estate
NR Ba2 BB- Make-whole call option before 01-May-16, call option 01-May-16, Reg S/144a
Slovenia (Govt of) 02-May USD 1,000 4.750% 99.124 4.950%
Senior unsecured
10-May-18 BNP Paribas, Deutsche Bank, JPMorgan Slovenia Sovereign
A- Ba1 A- Dual-tranche, Reg S/144a
USD 2,500 5.850% 98.884 6.000% Senior unsecured
10-May-23 A- Ba1 A-
Ceska Exportni Banka (Czech Export Bank)
07-May EUR 100 Euribor +0.35%
100.000 - Senior unsecured
16-May-18 Societe Generale Czech Republic
Financial services
NR A1 NR Reg S
Nitrogenmuvek 13-May USD 200 7.875% 100.000 7.875% Senior unsecured
21-May-20 BNP Paribas, Raiffeisen Bank International Hungary Chemicals & materials
BB- NR BB- Call option from 21-May-17, change-of-control put option, Reg S/144a
Slovakia (Govt of) 23-May EUR 1,000 1.500% 99.522 1.592% Senior unsecured
28-Nov-18 Tatra Banka, CSOB, Vseobecna Uverova Banka
Slovakia Sovereign A A2 A+
CEZ 28-May EUR 500 3.000% 98.815 3.100% Senior unsecured
05-Jun-28 Commerzbank, Deutsche Bank, Erste Group, ING, Royal Bank of Scotland
Czech Republic
Energy NR A2 A-
Ceska Exportni Banka (Czech Export Bank)
28-May EUR 250 Euribor +0.35%
100.000 - Senior unsecured
06-Jun-16 Ceskoslovenska Obchodni Banka, JPMorgan
Czech Republic
Financial services
NR A1 NR
19-Jun (issue date)
USD 465 8%,
step-up - -
Senior secured
30-Apr-18 -
Poland Con-sumer: other
NR NR NR Post-restructuring, guaranteed, int. rate step-up: 9% (01-May-14) and 10% (01-May-15), redeemable, change-on-control put option CEDC (Central European
Distribution Corporation)
USD 200 10% (PIK)
- - Junior secured
30-Apr-18 - NR NR NR Post-restructuring, PIK toggle, guaranteed, convertible from 01-Dec-14, redeemable
City of Prague (Govt of) 26-Jun EUR 200 3.125% 99.417 3.194% Senior unsecured
03-Jul-23 Ceskoslovenska Obchodni Banka (KBC group), UniCredit
Czech Republic
Sovereign A+ A1 NR Use of proceeds include refinancing debt and funding the expansion of the underground network
CENTRAL EUROPE
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61
CEEMEA BOND ISSUANCE BOND ISSUES│3Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Eustream 11-Jul EUR 500 3.750% 99.390 3.851% Senior unsecured
18-Jul-20 Citigroup, ING, JPMorgan, KBC, Slovenska Sporitelna
Slovakia Transport A- Baa1 NR
Issuer: SPP Infrastructure Financing BV (Slovensky Plynarensky Priemysel group), change-of-control put option, negative pledge provision, Reg S
Croatian Bank for Reconstruction and Development (HBOR)
13-Aug EUR 150 6.000% - - - 08-May-20 n.a. Croatia Financial services
n.a. n.a. n.a. Listed on the Vienna Stock Exchange
SID Banka (Slovenska izvozna in razvojna banka)
03-Sep EUR 100 3.340% - - - 31-Dec-14 Berenberg Bank Slovenia Financial services
n.a. n.a. n.a. Commercial paper, private placement
Eustream 04-Sep EUR 250 3.750% 100.894 3.599% Senior unsecured
18-Jul-20 Citigroup, ING, JPMorgan, KBC, Slovenska Sporitelna
Slovakia Transport A- Baa1 NR
Tap of EUR 500m 3.75% 2020, issuer: SPP Infrastructure Financing B.V. (Slovensky Plynarensky Priemysel group), change-of-control put option, negative pledge pledge, Reg S
TVN (Polish Television Holding group)
06-Sep EUR 430 7.375% 100.000 7.375% Senior unsecured
15-Dec-20 JPMorgan, Deutsche Bank, Nomura, BNP Paribas
Poland Media B+ B1 NR
Guaranteed, make-whole call option before 15-Dec-16, call options from 15-Dec-16, use of proceeds: together with the remaining restricted cash from the disposal of Onet.pl group to repurchase outstanding 2017 notes under the make-whole option, change-of-control put option if combined with a rating downgrade, Reg S/144a
Polish Television Holding (PTH)
11-Sep EUR 300
11% (cash)/
12% (PIK)
100.000 11.000% Senior secured
15-Jan-21 JPMorgan, Deutsche Bank, Nomura, BNP Paribas
Poland Media B- NR NR
Non-guaranteed, PIK toggle, make-whole call option before 15-Jan-17, call options from 15-Jan-17, change-of-control put option, Reg S/144a
Romania (Govt of) 12-Sep EUR 1,500 4.625% 99.160 4.769% Senior unsecured
18-Sep-20 Citigroup, HSBC, Deutsche Bank, Societe Generale
Romania Sovereign BB+ Baa3 BBB- Reg S
Hungarian Export-Import Bank (Eximbank)
24-Sep EUR 380 2.125% 99.410 2.255% Secured 13-Feb-19 Deutsche Bank, HSBC, Jefferies Hungary Financial services
NR NR AAA
Dual-tranche, Class A1 tranche, notes benefit from security over a guarantee on Hungary's payment obligations under the statutory guarantee by MIGA (World Bank group), issuer: MAEXIM Secured Funding Ltd, Reg S/144a
CENTRAL EUROPE
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62
CEEMEA BOND ISSUANCE BOND ISSUES│3Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Hungarian Export-Import Bank (Eximbank)
24-Sep EUR 20 2.125% 78.483 7.000% Secured 13-Feb-19 Deutsche Bank, HSBC, Jefferies Hungary Financial services
NR NR BB+ Dual-tranche, Class A2 tranche, issuer: MAEXIM Secured Funding Ltd, Reg S/144a
BRE Bank 25-Sep CHF 200 2.500% 99.896 - Senior unsecured
08-Oct-18 UBS, Credit Suisse, Commerzbank Poland Financial services
BBB+ Baa3 A
CENTRAL EUROPE (continued)
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63
CEEMEA BOND ISSUANCE BOND ISSUES│4Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Zapadoslovenska Energetika (ZSE)
08-Oct
EUR 315 2.875% 100.000 2.875% Senior unsecured
14-Oct-18
Citigroup, Raiffeisen Bank International, Societe Generale
Slovakia Energy
BBB+ NR NR
Dual-tranche
EUR 315 4.000% 99.814 4.023% Senior unsecured
14-Oct-23 BBB+ NR NR
Hungarian Development Bank (Magyar Fejlesztesi Bank)
11-Oct USD 750 6.250% 99.481 6.343% Senior unsecured
21-Oct-20 Citigroup, Deutsche Bank, JPMorgan Hungary Financial services
NR Ba1 BB+ Reg S/144a
Poland (Govt of) 17-Oct EUR 700 1.625% 99.334 1.759% Senior unsecured
15-Jan-19 BNP Paribas, Deutsche Bank, HSBC, UniCredit
Poland Sovereign A- A2 A- Tap of EUR 1bn 1.625% 2019
OTP Mortgage Bank 17-Oct EUR 500 Euribor +1.9%
100.000 - Senior unsecured
25-Oct-16 BNP Paribas Hungary Financial services
NR Baa3 NR Guaranteed, Reg S
Romania (Govt of) 22-Oct EUR 500 4.625% 102.788 4.150% Senior unsecured
18-Sep-20 Citigroup, HSBC, Deutsche Bank, Societe Generale
Romania Sovereign BB+ Baa3 BBB- Tap of EUR 1.5bn 4.625% 2020
RCS & RDS 25-Oct EUR 450 7.500% 100.000 7.500% Senior secured
01-Nov-20 JPMorgan, Erste Bank, Societe Generale, UniCredit
Romania Telecoms B+ B1 NR
Debut, guaranteed, use of proceeds: refinancing existing debt, make-whole call and equity claw-back (up to 35%) options before 01-Nov-16, call option from 01-Nov-16, certain covenants may be suspended if the notes are rated investment grade by S&P and Moody’s, change-of-control put option, issuer: Cable Communications Systems NV, Reg S/144a
SBB/Telemach (Slovenia Broadband)
07-Nov EUR 475 7.875% 100.000 7.875% Senior secured
15-Nov-20 BNP Paribas, Citigroup, Credit Suisse, ING, KKR, Unicredit
Slovenia Telecoms B B2 NR
Issuer: Adria Bidco BV, use of proceeds: refinancing a bridge loan in connection with a buyout by KKR from Mid Europa Partners, call option from Nov-17, Reg S/144a
Slovenia (Govt of) 15-Nov EUR 1,500 4.700% 99.604 - Senior unsecured
01-Nov-16 JPMorgan Slovenia Sovereign A- NR BBB+ Private placement (placed with one investor), Reg S/144a
CENTRAL EUROPE
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64
CEEMEA BOND ISSUANCE BOND ISSUES│4Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Hungary (Govt of) 18-Nov EUR 2,000 5.750% 98.657 5.930% Senior unsecured
22-Nov-23 BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs
Hungary Sovereign BB Ba1 BB+
Croatia (Govt of) 19-Nov USD 1,750 6.000% 98.488 6.200% Senior unsecured
26-Jan-24 Barclays, BNP Paribas, Deutsche Bank, JPMorgan
Croatia Sovereign BB+ Ba1 BB+ Reg S/144a
GRANVIA (R1 Expressway)
22-Nov EUR
1,242.7 4.781% 100.000 4.781%
Senior secured
30-Sep-39 Deutsche Bank, Natixis Slovakia Construc-tion
BBB+ NR NR Amortising, 15.5-year duration, use of proceeds: refinancing existing debt, Reg S
Magyar Telecom (Invitel) 12-Dec (issue date)
EUR 150.051
7% (cash),
9% (PIK) 100.000 -
Senior secured
15-Jun-18 - Hungary Telecoms CCC+ Caa1 NR
Post-restructuring, PIK toggle, guaranteed, redeemable, issued together with shares as units, max. amount outstanding: EUR 257m, change-of-control put option, Reg S/144a
CENTRAL EUROPE (continued)
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65
DEALS BY SECTOR
USD 87.5bn
BY COUNTRY
CEEMEA BOND ISSUANCE FY13│EASTERN EUROPE RETURN TO MAIN MAP
Issuer Size (m) Size (USDm) Coupon Maturity Country Sector
Russia (Govt of) USD 3,000 3,000 4.875% 16-Sep-23 Russia Sovereign
KazMunayGas NC USD 2,000 2,000 5.750% 30-Apr-43 Kazakhstan Energy
Turkey (Govt of) EUR 1,250 1,687 4.350% 12-Nov-21 Turkey Sovereign
LARGEST DEALS
153 issues
USD 0.1bn
USD 0.2bn
USD 0.7bn
USD 1.0bn
USD 1.4bn
USD 0.7bn
USD 1.2bn
USD 2.5bn
USD 1.2bn
USD 4.9bn
USD 6.4bn
USD 15.8bn
USD 51.5bn
1 issue
1 issue
1 issue
1 issue
1 issue
2 issues
2 issues
2 issues
3 issues
7 issues
14 issues
27 issues
91 issues
Montenegro
Georgia
Armenia
Azerbaijan
Romania
Supranational
Bulgaria
Serbia
Other
Kazakhstan
Ukraine
Turkey
Russia
USD 0.2bn
USD 0.8bn
USD 1.0bn
USD 2.0bn
USD 3.0bn
USD 2.6bn
USD 7.7bn
USD 4.3bn
USD 18.5bn
USD 19.9bn
USD 27.6bn
1 issue
1 issue
2 issues
3 issues
5 issues
6 issues
11 issues
11 issues
15 issues
23 issues
75 issues
Defence
Industrial products & services
Consumer: other
Chemicals & materials
Telecoms
Agriculture
Metals & mining
Transport
Sovereign
Energy
Financial services
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66
USD 0.5bn
USD 0.7bn
USD 1.0bn
USD 11.2bn
1 issue
1 issue
2 issues
12 issues
Supranational
Armenia
Turkey
Russia
USD 0.2bn
USD 0.4bn
USD 0.4bn
USD 1.0bn
USD 1.5bn
USD 4.6bn
USD 3.9bn
USD 17.4bn
1 issue
1 issue
1 issue
1 issue
1 issue
8 issues
9 issues
38 issues
Supranational
Other
Kazakhstan
Azerbaijan
Serbia
Turkey
Ukraine
Russia
USD 0.5bn
USD 4.1bn
USD 2.5bn
USD 5.4bn
USD 15.8bn
1 issue
4 issues
5 issues
11 issues
26 issues
Other
Kazakhstan
Ukraine
Turkey
Russia
1Q13 2Q13
CEEMEA BOND ISSUANCE COUNTRY BREAKDOWN│FY13
3Q13 4Q13
USD 0.1bn
USD 0.2bn
USD 0.3bn
USD 1.0bn
USD 1.4bn
USD 0.4bn
USD 1.2bn
USD 4.8bn
USD 7.1bn
1 issue
1 issue
1 issue
1 issue
1 issue
2 issues
2 issues
6 issues
15 issues
Montenegro
Georgia
Other
Serbia
Romania
Kazakhstan
Bulgaria
Turkey
Russia
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67
CEEMEA BOND ISSUANCE BOND ISSUES│1Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Turkey (Govt of) 08-Jan USD 1,500 3.250% 98.093 3.473% Senior unsecured
23-Mar-23 BNP Paribas, Deutsche Bank, Goldman Sachs
Turkey Sovereign BB Ba1 BBB-
Yapi ve Kredi Bankasi 14-Jan USD 500 4.000% 99.529 4.078% Senior unsecured
22-Jan-20 BofA-Merrill Lynch, Mitsubishi UFJ Securities, Morgan Stanley, UniCredit
Turkey Financial services
NR Baa2 BBB
Ukreximbank 15-Jan USD 500 8.750% 100.000 8.750% Senior unsecured
22-Jan-18 Credit Suisse, Morgan Stanley Ukraine Financial services
NR B3 B Issuer: Biz Finance plc, change-of-control put option, LPN
Gazprombank 15-Jan RUB 20,000 7.875% 100.000 7.875% Senior unsecured
25-Jul-16 Barclays, Citigroup, Gazprombank Russia Financial services
BBB- Baa3 NR Euroclearable, Reg S
VTB Bank 18-Jan CNY 1000 4.500% 101.800 3.802% Senior unsecured
30-Oct-15 HSBC, VTB Capital Russia Financial services
BBB Baa1 BBB Tap of CNY 1bn 4.5% 2015, dim sum bond, Euroclearable, LPN
Credit Europe Bank 18-Jan USD 400 8.0%,
variable 100.000 8.000%
Sub-ordinated
24-Jan-23 Citigroup, Goldman Sachs, HSBC Other Financial services
NR Ba3 BB- Tier 2, make-whole call option on 24-Jan-18, coupon changes to USD swap rate+7.093% from 24-Jan-18, Reg S
Russian Agricultural Bank (RSHB)
23-Jan CNY 1,000 3.600% 100.000 3.600% Senior unsecured
04-Feb-16 JPMorgan, Royal Bank of Scotland Russia Financial services
NR Baa1 BBB Dim sum bond, Euroclearable, LPN, Reg S
Sibur Holding 24-Jan USD 1,000 3.914% 100.000 3.914% Senior unsecured
31-Jan-18 Citigroup, Credit Suisse, Gazprombank, JPMorgan, Royal Bank of Scotland, Sberbank
Russia Chemicals & materials
NR Ba1 BB+ Debut, Reg S/144a
Sberbank 24-Jan RUB 25,000 7.000% 100.000 7.000% Senior unsecured
31-Jan-16 Barclays, Sberbank Russia Financial services
NR A3 BBB Euroclearable, LPN
Credit Bank of Moscow 25-Jan USD 500 7.700% 100.000 7.700% Senior unsecured
01-Feb-18 Barclays, BofA-Merrill Lynch, Raiffeisen Bank International, Royal Bank of Scotland
Russia Financial services
NR B1 BB- LPN, Reg S/144a
Russian Agricultural Bank (RSHB)
29-Jan RUB 10,000 7.875% 100.000 7.875% Senior unsecured
07-Feb-18 Citigroup, Deutsche Bank, JPMorgan, VTB Capital
Russia Financial services
NR NR NR Euroclearable, LPN, Reg S
Russian Railways (RZD) 29-Jan
CHF 525 2.177% 100.000 2.177% Senior unsecured
26-Feb-18
Barclays, Credit Suisse, VTB Capital Russia Transport
NR Baa1 NR
Dual-tranche, debut CHF
CHF 150 2.730% 100.000 2.730% Senior unsecured
26-Feb-21 NR Baa1 NR
EASTERN EUROPE
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68
CEEMEA BOND ISSUANCE BOND ISSUES│1Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Turkiye Halk Bankasi 29-Jan USD 750 3.875% 98.901 4.057% Senior unsecured
05-Feb-20 Commerzbank, Goldman Sachs, JPMorgan, Standard Chartered
Turkey Financial services
NR Baa2 BBB- Reg S/144a
EBRD 30-Jan RUB 7,500 ROISfix +0.45%
100.000 - Senior unsecured
12-Feb-16 Raiffeisen Bank International Suprana-tional
Financial services
NR NR NR Linked to the Russian OIS index, Euroclearable
30-Jan
USD 800 3.850% 100.000 3.850% Senior unsecured
06-Feb-20
BNP Paribas, Gazprombank, JPMorgan Russia Energy
NR Baa1 BBB
Dual-tranche, LPN, Reg S/144a Gazprom
USD 900 4.950% 100.000 4.950% Senior unsecured
06-Feb-28 NR Baa1 BBB
Akbank 30-Jan TRY 1,000 7.500% 100.000 7.500% Senior unsecured
05-Feb-18 BofA-Merrill Lynch, Citigroup, Deutsche Bank, HSBC, JPMorgan
Turkey Financial services
NR Baa2 BBB Euroclearable, Reg S/144a
Russian Standard Bank 31-Jan CNY 500 8.000% 100.000 8.000% Senior unsecured
14-Feb-15 BNP Paribas, HSBC Russia Financial services
B+ Ba3 B+ Dim sum bond, Euroclearable, Reg S
Agency for Housing Mortgage Lending (AHML/AIZhK)
31-Jan RUB 15,000 7.750% 100.000 7.750% Senior unsecured
13-Feb-18 Citigroup, Deutsche Bank, Raiffeisen Bank International, VTB Capital
Russia Financial services
BBB Baa1 NR Euroclearable, LPN, Reg S/144a
BankPozitif Kredi ve Kalkinma Bankasi
01-Feb USD 150 5.000% 100.000 5.000% Senior unsecured
07-Feb-18 Citigroup, Royal Bank of Scotland Turkey Financial services
NR NR BBB- Reg S
Gazprombank 04-Feb CNY 500 4.000% 100.000 4.000% Senior unsecured
24-Feb-16 BNP Paribas, Gazprombank Russia Financial services
BBB- Baa3 NR Dim sum bond, Euroclearable, LPN
Ukraine (Govt of) 04-Feb USD 1,000 7.800% 101.175 7.625% Senior unsecured
28-Nov-22 JPMorgan, VTB Capital Ukraine Sovereign B B3 B Tap of USD 1.25bn 7.8% 2022, Reg S/144a
Ural Bank for Reconstruction and Development (UBRD)
05-Feb USD 50 0.000% - - - 07-Aug-13 BCP Securities, VTB Capital Russia Financial services
- - - Debut six-month ECP, issued under USD 200m ECP programme
Sberbank 06-Feb CHF 200 2.065% 100.000 2.065% Senior unsecured
28-Feb-17 Credit Suisse, Sberbank, UBS Russia Financial services
NR A3 BBB LPN
EASTERN EUROPE (continued)
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69
CEEMEA BOND ISSUANCE BOND ISSUES│1Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
PhosAgro 06-Feb USD 500 4.204% 100.000 4.204% Senior unsecured
13-Feb-18 Citigroup, Raiffeisen Bank International, Sberbank, VTB Capital
Russia Chemicals & materials
NR Baa3 BB+ Debut, LPN, Reg S/144a
Development Bank of Kazakhstan
06-Feb USD 425 4.125% 100.000 4.125% Senior unsecured
10-Dec-22 Halyk Finance, JPMorgan, VTB Capital Kazakh-stan
Financial services
BBB+ Baa3 BBB Tap of USD 1bn 4.125% 2022, Reg S/144a
06-Feb
USD 600 5.200% 100.000 5.200% Senior unsecured
13-Feb-19
Barclays, Citigroup, ING, Royal Bank of Scotland
Russia Telecoms
BB Ba3 NR Three-tranche, Reg S/144a Three-tranche, Reg S/144a
VimpelCom USD 1,000 5.950% 100.000 5.950% Senior unsecured
13-Feb-23 BB Ba3 NR
RUB 12,000 9.000% 100.000 9.000% Senior unsecured
13-Feb-18 BB Ba3 NR Three-tranche, Euroclearable, Reg S/144a
BIN Bank (B&N Bank) 07-Feb USD 60 0.000% - - - 12-Feb-14 BCP Securities, VTB Capital Russia Financial services
- - - ECP, issuer: B&N Finance Ltd.
VTB Capital 07-Feb TRY 300 7.788% 100.000 7.788% Senior unsecured
02-Feb-15 Garantibank Russia Financial services
NR NR NR Istanbul Stock Exchange listing
NLMK (Novolipetsk Steel) 11-Feb USD 800 4.450% 100.000 4.450% Senior unsecured
19-Feb-18 Deutsche Bank, JPMorgan, Societe Generale
Russia Metals & mining
BBB- Baa3 BBB- Issuer: Steel Funding Ltd, Reg S/144a
Novatek 12-Feb RUB 14,000 7.750% 100.000 7.750% Senior unsecured
21-Feb-17 Barclays, Gazprombank, Goldman Sachs, Sberbank
Russia Energy BBB- Baa3 BBB- Euroclearable, LPN
Promsvyazbank 14-Feb USD 200 10.200% 105.919 9.000% Sub-ordinated
06-Nov-19 HSBC, JPMorgan, Promsvyazbank Russia Financial services
NR Ba3 B+ Tap of USD 400m 10.2% 2019, Tier 2, LPN, Reg S
Commercial Bank Renaissance Capital
14-Feb USD 50 13.500% 103.250 12.630% Sub-ordinate
21-Jun-18 Goldman Sachs Russia Financial services
NR NR NR Tap of USD 100m 13.5% 2018, Tier 2, issuer: Renaissance Consumer Funding Ltd, LPN, Reg S
Tinkoff Credit Systems 14-Feb USD 75 14.000% 107.000 12.408% Sub-ordinated
06-Jun-18 Goldman Sachs, JPMorgan Russia Financial services
NR B3 NR Tap of USD 125m 2018, Tier 2, issuer: Egidaco Investments plc, LPN, Reg S
EASTERN EUROPE (continued)
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70
CEEMEA BOND ISSUANCE BOND ISSUES│1Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Vnesheconombank (VEB)
EUR 1,000 3.035% 100.000 3.035% Senior unsecured
21-Feb-18 Barclays, Commerzbank, ING, Societe Generale
Russia Financial services
BBB Baa1 BBB
Dual-tranche, Reg S 14-Feb
EUR 500 4.032% 100.000 4.032% Senior unsecured
21-Feb-23 BBB Baa1 BBB
Serbia (Govt of) 14-Feb USD 1,500 4.875% 98.401 5.150% Senior unsecured
25-Feb-20 Barclays, Deutsche Bank, JPMorgan Serbia Sovereign BB- NR BB- Reg S/144a
Sberbank 18-Feb CHF 50 2.065% - - Senior unsecured
28-Feb-17 Credit Suisse, Sberbank, UBS Russia Financial services
NR A3 BBB Tap of CHF 200m 2.065% 2017, Euroclearable, LPN
PrivatBank 20-Feb USD 175 10.875% 100.000 10.875% Senior unsecured
28-Feb-18 Credit Suisse, JPMorgan, UBS Ukraine Financial services
NR B3 B Issuer: UK SPV Credit Finance plc, LPN, change-of-control put option, Reg S/144a
Vnesheconombank (VEB) 21-Feb USD 500 1.99%,
variable - - - 20-Feb-15 Gazprombank, Sberbank Russia
Financial services
- - -
MICEX listing, secondary placement, put op-tion on 20-Feb-14, initial two coupons = 3.3%, next two coupons = 1.99%, last two coupons will be set by the issuer
Sberbank 25-Feb TRY 550 7.400% 100.000 7.400% Senior unsecured
04-Mar-18 HSBC, JPMorgan, Sberbank Russia Financial services
NR A3 BBB Debut TRY issue, Euroclearable, LPN, Reg S
Turkiye Garanti Bankasi 01-Mar TRY 750 7.375% 99.487 7.500% Senior unsecured
07-Mar-18 BNP Paribas, Goldman Sachs, Deutsche Bank, Mitsubishi UFJ Securities, Standard Chartered
Turkey Financial services
NR Baa2 BBB Reg S/144a
State Oil Company of Azerbaijan (SOCAR)
06-Mar USD 1,000 4.750% 100.000 4.750% Senior unsecured
13-Mar-23 Deutsche Bank Azer-baijan
Energy BB+ Ba1 BBB-
Change-of-status put option (incl. the state and/or any state agencies ceasing to own/control all of SOCAR's charter/share capital; and/or SOCAR ceasing to act as the state’s agent for existing or future (but one per year) domestic production-sharing agreements), Reg S
Severstal 12-Mar USD 600 4.450% 100.000 4.450% Senior unsecured
19-Mar-18 Citigroup, JPMorgan, Sberbank Russia Metals & mining
BB+ NR BB Reg S/144a
Russian Standard Bank 13-Mar CNY 750 8.000% 101.250 7.274% Senior unsecured
14-Feb-15 BNP Paribas, HSBC Russia Financial services
B+ Ba3 B+ Tap of CNY 500m 8% 2015, dim sum bond, LPN, Euroclearable, Reg S
Gazprom 13-Mar EUR 1,000 3.389% 100.000 3.389% Senior unsecured
20-Mar-20 Credit Agricole, Gazprombank, JPMorgan Russia Energy BBB Baa1 BBB Dual-tranche, LPN, Reg S
EASTERN EUROPE (continued)
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71
CEEMEA BOND ISSUANCE BOND ISSUES│1Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Gazprom 13-Mar EUR 500 4.364% 100.000 4.364% Senior unsecured
21-Mar-25 Credit Agricole, Gazprombank, JPMorgan Russia Energy BBB Baa1 BBB Dual-tranche, LPN, Reg S
Oschadbank (State Savings Bank of Ukraine)
13-Mar USD 500 8.875% 100.000 8.875% Senior unsecured
20-Mar-18 Credit Suisse, Deutsche Bank, JPMorgan Ukraine Financial services
NR B3 B Issuer: SSB No.1 plc, LPN, change-of-control put option, Reg S
MHP 21-Mar USD 750 8.250% 100.000 8.250% Senior unsecured
02-Apr-20 JPMorgan, Morgan Stanley, VTB Capital Ukraine Agri-culture
B NR B Use of proceeds incl. financing a tender offer for 60% of USD 585m 10.25% 2015 notes and repaying short-term debt, Reg S/144a
Bank Asya 21-Mar USD 250 7.5%,
variable 100.000 7.500%
Sub-ordinated
28-Mar-23 BofA-Merrill Lynch, HSBC, Emirates NBD, National Bank of Abu Dhabi
Turkey Financial services
NR Ba3 NR Sukuk, Tier 2, NC5 (call date 28-Mar-13), interest rate reset from 28-Mar-18, reset margin ms+6.525%, Reg S
Ukrlandfarming
21-Mar USD 250 10.875% 100.000 10.875% Senior unsecured
26-Mar-18
Citigroup, Deutsche Bank, Sberbank Agri-culture
B- NR B
Debut, use of proceeds include refinancing USD 100m of the Deutsche Bank/Sberbank syndicated loan facility, change-of-control put option, Reg S/144a
Ukraine
22-Mar USD 25 10.875% 100.000 10.875% Senior unsecured
26-Mar-18 B- NR B
Add-on to USD 250m 10.875% 2018, use of proceeds include refinancing USD 100m of the Deutsche Bank/Sberbank syndicated loan facility, change-of-control put option, Reg S/144a
Tinkoff Credit Systems 22-Mar USD 50 0.000% 94.072 6.250% n.a. 26-Mar-14 BCP Securities, UBS, VTB Capital Russia Financial services
n.a. n.a. n.a. ECP, issuer: Egidaco Investments plc
TMK 25-Mar USD 500 6.750% 100.000 6.750% Senior unsecured
03-Apr-20 Citigroup, Deutsche Bank, JPMorgan Russia Metals & mining
B+ B1 NR
Make-whole call option (only once), put option if TMK fails to procure certain additional loan guarantors to provide guarantees within 90 days of 03-Apr-13 (issue date), LPN, Reg S/144a
Arcelik 25-Mar USD 500 5.000% 99.031 5.125% Senior unsecured
03-Apr-23 BofA-Merrill Lynch, JPMorgan, Royal Bank of Scotland
Turkey Con-sumer: other
BB+ NR BB+ Debut, Reg S/144a
DTEK (Donbas Fuel and Energy)
26-Mar USD 600 7.875% 98.989 8.125% Senior unsecured
04-Apr-18 Deutsche Bank, ING, JPMorgan, Sberbank, UniCredit, VTB Capital
Ukraine Energy NR B3 B Use of proceeds include repurchasing up to USD 321.25m of 9.5% notes due 2015
Ukreximbank 26-Mar USD 100 8.750% 101.438 8.375% Senior unsecured
22-Jan-18 Credit Suisse, Morgan Stanley Ukraine Financial services
NR B3 B Tap of USD 500m 8.75% 2018, issuer: Biz Finance plc, change-of-control put option, LPN, Reg S
EASTERN EUROPE (continued)
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72
CEEMEA BOND ISSUANCE BOND ISSUES│2Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Turkiye Is Bankasi 04-Apr USD 500 3.750% 99.323 3.888% Senior unsecured
10-Oct-18 Barclays, Citigroup, Deutsche Bank, HSBC, JPMorgan
Turkey Financial services
NR Baa2 BBB Reg S/144a
Turkiye Vakiflar Bankasi 08-Apr USD 600 3.750% 99.432 3.876% Senior unsecured
15-Apr-18 BofA-Merrill Lynch, BNP Paribas, Citigroup, Commerzbank, Deutsche Bank
Turkey Financial services
NR Baa2 BBB- Reg S/144a
Ukraine (Govt of) 09-Apr USD 1,250 7.500% 100.000 7.500% Senior unsecured
17-Apr-23 Citigroup, JPMorgan, Sberbank, VTB Capital
Ukraine Sovereign B B3 B Reg S/144a
Turkey (Govt of) 09-Apr USD 1,500 4.875% 98.834 4.950% Senior unsecured
16-Apr-43 Citigroup, Credit Suisse, JPMorgan Turkey Sovereign BB Ba1 BBB-
Ak Finansal Kiralama (AKLease)
10-Apr USD 250 4.125% 99.442 4.250% Senior unsecured
17-Apr-18 Emirates NBD, HSBC, National Bank of Abu Dhabi, Societe Generale
Turkey Financial services
NR NR BBB Debut, Reg S
Metalloinvest 10-Apr USD 1,000 5.625% 100.000 5.625% Senior unsecured
17-Apr-20 Credit Agricole, Credit Suisse, Deutsche Bank, Sberbank, Societe Generale, VTB Capital
Russia Metals & mining
BB- Ba2 BB- Make-whole call option, change-of-control put option, Reg S/144a
Eurasia Drilling Company 11-Apr USD 600 4.875% 100.000 4.875% Senior unsecured
17-Apr-20 BofA-Merrill Lynch, Goldman Sachs, Sberbank
Russia Energy BB+ NR BB Reg S/144a
Eastcomtrans 11-Apr USD 100 7.750% 98.986 8.000% Senior secured
22-Apr-18 BNP Paribas, HSBC Kazakh-stan
Transport NR B3 B Debut, make-whole call option, change-of-control put option, Reg S
Mriya 11-Apr USD 400 9.450% 98.835 9.750% Senior unsecured
19-Apr-18 Citigroup, Credit Suisse, Goldman Sachs, Sberbank
Ukraine Agri-culture
B NR B
Make-whole call and equity claw-back options, change-of-control put option, issued in conjunction with a USD 178.4m 10.95% 2016 notes tender, Reg S/144a
Evraz Group 12-Apr USD 1,000 6.500% 100.000 6.500% Senior unsecured
22-Apr-20 ING, JPMorgan, UBS Russia Metals & mining
B+ NR BB- Make-whole call option, put option in the event of a rating downgrade following an issuer substitution, Reg S/144a
Russian Railways (RZD) 12-Apr EUR 1,000 3.374% 100.000 3.374% Senior unsecured
20-May-21 Natixis, Royal Bank of Scotland, Societe Generale, VTB Capital
Russia Transport BBB Baa1 BBB LPN, change-of-control put option, Reg S/144a
Lukoil 17-Apr
USD 1,500 3.416% 100.000 3.416% Senior unsecured
24-Apr-18
BNP Paribas, Citigroup Russia Energy
BBB Baa2 BBB- Dual-tranche, make-whole call option, Reg S/144a
USD 1,500 4.563% 100.000 4.563% Senior unsecured
24-Apr-23 BBB Baa2 BBB-
EASTERN EUROPE
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73
CEEMEA BOND ISSUANCE BOND ISSUES│2Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Alrosa 17-Apr USD 133 0.000% 98.504 2.250% n.a. 24-Dec-13 Goldman Sachs, UBS, VTB Capital Russia Metals & mining
n.a. n.a. n.a. ECP
Alfa-Bank 18-Apr RUB 10,000 8.625% 100.000 8.625% Senior unsecured
26-Apr-16 Alfa-Bank, Citigroup, HSBC Russia Financial services
BB+ Ba1 BBB- LPN, Reg S/144a
Polyus Gold International 18-Apr USD 750 5.625% 100.000 5.625% Senior unsecured
29-Apr-20 JPMorgan, Societe Generale, VTB Capital Russia Metals & mining
BB+ NR BBB- Debut, Reg S/144a
Gazprom Neft 18-Apr EUR 750 2.933% 100.000 2.933% Senior unsecured
26-Apr-18 BNP Paribas, Credit Agricole, Gazprombank, JPMorgan
Russia Energy BBB- Baa3 NR LPN
Koc Holding 18-Apr USD 750 3.500% 99.582 3.568% Senior unsecured
24-Apr-20 BofA-Merrill Lynch, BNP Paribas, Citigroup, Deutsche Bank
Turkey Industrial products & services
BBB- Baa3 NR Change-of-control put option, Reg S/144a
Nomos Bank 19-Apr USD 500 7.250% 100.000 7.250% Senior unsecured
25-Apr-18 Citigroup, Gazprombank, JPMorgan, Nomos Bank, VTB Capital
Russia Financial services
NR Ba3 BB LPN, Reg S/144a
Turkiye Is Bankasi 23-Apr USD 250 3.750% 100.983 3.550% Senior unsecured
10-Oct-18 Barclays, Citigroup, Deutsche Bank, HSBC, JPMorgan
Turkey Financial services
NR Baa2 BBB Tap of USD 500m 3.75% 2018, Reg S/144a
Uralkali 23-Apr USD 650 3.723% 100.000 3.723% Senior unsecured
30-Apr-18 BofA-Merrill Lynch, Goldman Sachs, Sberbank, VTB Capital
Russia Metals & mining
NR Baa3 BBB- LPN, Reg S/144a
23-Apr USD 500 8.000% 100.000 8.000% Senior secured
02-May-18
Goldman Sachs, ING, Raiffeisen Bank International
Russia Transport
BB- NR B+
Dual-tranche, make-whole and equity claw-back options before 02-May-16, call option from 02-May-16, issued to refinance acquisition finance facilities and other pre-acquisition indebtedness, Reg S/144a Far Eastern Shipping
Company (FESCO)
USD 300 8.750% 100.000 8.750% Senior secured
02-May-20 BB- NR B+
Dual-tranche, make-whole and equity claw-back options before 02-May-17, call option from 02-May-17, issued to refinance acquisition finance facilities and other pre- acquisition indebtedness, Reg S/144a
DTEK (Donbas Fuel and Energy)
23-Apr USD 150 7.875% 98.989 8.125% Senior unsecured
04-Apr-18 Deutsche Bank, ING, JPMorgan, Sberbank, UniCredit, VTB Capital
Ukraine Energy NR B3 B Tap of USD 600m 7.875% 2018
Turkiye Finans Katilim Bankasi
24-Apr USD 500 3.950% 100.000 3.950% Senior unsecured
02-May-18 Citigroup, HSBC, NCB Capital, Noor Islamic Bank
Turkey Financial services
NR NR BBB Sukuk, Reg S
EASTERN EUROPE (continued)
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74
CEEMEA BOND ISSUANCE BOND ISSUES│2Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Alliance Oil 24-Apr USD 500 7.000% 99.320 7.125% Senior unsecured
04-May-20 Deutsche Bank, Gazprombank, Goldman Sachs, Raiffeisen Bank International
Russia Energy B+ NR B Make-whole call option, Reg S/144a
KazMunayGas NC 24-Apr
USD 1,000 4.400% 99.600 4.450% Senior unsecured
30-Apr-23 BofA-Merrill Lynch, Barclays, Halyk Finance, Visor Capital
Kazakh-stan
BBB- Baa3 BBB-
Dual-tranche, Reg S/144a Energy
USD 2,000 5.750% 99.293 5.800% Senior unsecured
30-Apr-43 BBB- Baa3 BBB-
Norilsk Nickel 25-Apr USD 750 4.375% 100.000 4.375% Senior unsecured
30-Apr-18 Barclays, Citigroup, Societe Generale Russia Metals & mining
BBB- Baa2 BB+ Issuer: MMC Finance Ltd, LPN, Reg S
Credit Bank of Moscow 25-Apr USD 500 8.700% 100.000 8.700% Senior subordi-nated
13-Nov-18 HSBC, Raiffeisen Bank International, Royal Bank of Scotland
Russia Financial services
NR NR B+ LPN, issuer: CBOM Finance plc, Reg S/144a
Nord Gold 29-Apr USD 500 6.375% 100.000 6.375% Senior unsecured
07-May-18 Citigroup, Goldman Sachs, Jefferies, Natixis, Sberbank, Societe Generale
Russia Metals & mining
NR Ba3 BB- Reg S/144a
Albaraka Turk Katilim Bankasi
29-Apr USD 200 7.750% 100.000 7.750% Sub-ordinated
07-May-23 Al Hilal Bank, Barwa Bank, BNP Paribas, Emirates NBD, Nomura
Turkey Financial services
NR NR NR Sukuk, Tier 2, NC5, Reg S/144a
Turkye Sise ve Cam Fabrikalari (Sisecam)
02-May USD 500 4.250% 99.265 4.373% Senior unsecured
09-May-20 BNP Paribas, Citigroup, HSBC, JPMorgan Turkey Chemicals & materials
BB+ Ba1 NR Debut, change-of-control put option, Reg S/144a
Ukrlandfarming 13-May USD 150 10.875% 100.000 10.875% Senior unsecured
26-Mar-18 Deutsche Bank, Sberbank Ukraine Agri-culture
B- NR B Tap of USD 275m 10.875% 2018, change-of-control put option, Reg S/144a
Ukrzaliznytsia (State Administration of Railway Transport of Ukraine)
14-May USD 500 9.500% 100.000 9.500% Senior unsecured
21-May-18 Barclays, Morgan Stanley, Sberbank Ukraine Transport B NR B- Debut, Reg S/144a
Far Eastern Shipping Company (FESCO)
14-May USD 50 8.000% 101.375 7.659% Senior secured
02-May-18 Goldman Sachs, ING, Raiffeisen Bank International
Russia Transport BB- NR B+
Tap of USD 500m 8% 2018, dual-tranche, make-whole and equity claw-back options before 02-May-16, call option from 02-May-16, issued to refinance acquisition finance facilities and other pre-acquisition indebtedness, Reg S/144a
EASTERN EUROPE (continued)
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75
CEEMEA BOND ISSUANCE BOND ISSUES│2Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Far Eastern Shipping Company (FESCO)
14-May USD 25 8.750% 102.500 8.209% Senior secured
02-May-20 Goldman Sachs, ING, Raiffeisen Bank International
Russia Transport BB- NR B+
Tap of USD 300m 8.75% 2020, dual-tranche, make-whole and equity claw-back options before 02-May-17, call option from 02-May-17, issued to refinance acquisition finance facilities and other pre-acquisition indebtedness, Reg S/144a
Gunvor Group 15-May USD 500 5.875% 99.467 6.000% Senior unsecured
21-May-18 Credit Suisse, Goldman Sachs Other Energy NR NR NR Debut, change-of-control put option, Reg S
Turkiye Garanti Bankasi 15-May CHF 100 Libor
+1.05% 100.000 -
Senior unsecured
26-May-15 Deutsche Bank Turkey Financial services
NR NR NR
Turkiye Garanti Bankasi 16-May AUD 175 5.500% - - Senior unsecured
23-May-18 HSBC Turkey Financial services
NR NR NR Kangaroo bond
Sberbank 16-May USD 1,000 5.250% 100.000 5.250% Senior subordi-nated
23-May-23 BNP Paribas, JPMorgan, Sberbank, UBS Russia Financial services
NR NR BBB- LPN, Reg S/144a
KazAgro 17-May USD 1,000 4.625% 100.000 4.625% Senior unsecured
24-May-23 HSBC, JPMorgan Kazakh-stan
Agri-culture
BBB+ NR BBB Debut, Reg S/144a
Commercial Bank Renaissance Credit
22-May USD 350 7.750% 100.000 7.750% Senior unsecured
31-May-16 Goldman Sachs, Raiffeisen Bank International, Sberbank
Russia Financial services
B B2 B Reg S
Mobile TeleSystems (MTS)
23-May USD 500 5.000% 100.000 5.000% Senior unsecured
30-May-23 Gazprombank, JPMorgan, Royal Bank of Scotland
Russia Telecoms BB Ba2 BB+ LPN, change-of-control put option, Reg S/144a, RUB-denominated tranche was cancelled
Nomos Bank 03-Jun USD 300 10.000% 109.221 8.150% Sub-ordinated
17-Dec-19 Gazprombank, Nomos Bank, VTB Capital Russia Financial services
NR B1 BB- LPN, Reg S/144a
Bank of Khanty-Mansiysk 14-Jun USD 200 9.150% 100.000 9.150% Sub-ordinated
13-Jun-23 Nomos Bank, VTB Capital Russia Financial services
NR NR NR Private placement, issuer: BKM Finance Ltd
Ural Bank for Reconstruction and Development (UBRD)
25-Jun USD 68 12.000% 100.000 12.000% Sub-ordinated
27-Dec-18 BCP Securities, BNP Paribas, Sberbank Russia Financial services
B NR NR Tier 2, LPN, Reg S
EASTERN EUROPE (continued)
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76
CEEMEA BOND ISSUANCE BOND ISSUES│3Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Tinkoff Credit Systems 05-Jul USD 20 0.000% 94.950 - - 07-Jul-14 BCP Securities, UBS, VTB Capital Russia Financial services
n.a. n.a. n.a. ECP, issuer: Egidaco Investments plc
Russian Standard Bank 10-Jul USD 200 11.500% 100.000 11.500% Senior subordi-nated
17-Jan-24 Goldman Sachs, HSBC Russia Financial services
NR NR B LPN, Reg S/144a
Gazprom 17-Jul EUR 900 3.700% 100.000 3.700% Senior unsecured
25-Jul-18 BofA-Merrill Lynch, Deutsche Bank, Gazprombank, JPMorgan
Russia Energy BBB Baa1 BBB LPN, Reg S
Russian Agricultural Bank (RSHB)
18-Jul USD 800 5.100% 100.000 5.100% Senior unsecured
25-Jul-18 JPMorgan, Royal Bank of Scotland, VTB Capital
Russia Financial services
NR Baa3 BBB LPN, change-of-control put option, Reg S/144a
Mersin Int. Port (Mersin Uluslararasi Liman Isletmeciligi)
01-Aug USD 450 5.875% 99.576 5.950% Senior unsecured
12-Aug-20 Citigroup, DBS Bank, UniCredit Turkey Transport NR Baa3 BBB-
Debut, make-whole and equity claw-back options before 12-Aug-18, call option from 12-Aug-18, change-of-control put option, USD 79.5m commitment from EBRD, Mersin is a JV between Akfen Holdings SA (Turkey) and PSA International (Singapore), Reg S/144a
Russia (Govt of) 09-Sep
USD 1,500 3.500% 99.195 3.664% Senior unsecured
16-Jan-19
Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital
Russia
BBB Baa1 BBB Multi-tranche, Reg S/144a
Sovereign
USD 3,000 4.875% 98.162 5.112% Senior unsecured
16-Sep-23 BBB Baa1 BBB Multi-tranche, Reg S/144a
USD 1,500 5.875% 97.187 6.080% Senior unsecured
16-Sep-43 BBB Baa1 BBB Multi-tranche, Reg S/144a
EUR 725 3.625% 99.533 3.702% Senior unsecured
16-Sep-20 BBB Baa1 BBB Multi-tranche, second EUR-tranche was cancelled due to high demand in USD-tranches, Reg S/144a
Russia (Govt of) 13-Sep EUR 25 3.625% - - Senior unsecured
16-Sep-20 Barclays, Deutsche Bank, Gazprombank, Renaissance Capital, Royal Bank of Scotland, VTB Capital
Russia Sovereign BBB Baa1 BBB Tap of EUR 700m 3.625% 2020, Reg S/144a
Gazprom 18-Sep GBP 500 5.338% 100.000 5.338% Senior unsecured
25-Sep-20 Deutsche Bank, JPMorgan Russia Energy BBB Baa1 BBB LPN, Reg S
EASTERN EUROPE
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77
CEEMEA BOND ISSUANCE BOND ISSUES│3Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Eurasian Development Bank
19-Sep USD 500 5.000% 98.310 5.292% Senior unsecured
26-Sep-20 BNP Paribas, Deutsche Bank, HSBC, JPMorgan
Supra-national
Financial services
BBB A3 NR Reg S/144a
Borets International 19-Sep USD 420 7.625% 100.000 7.625% Senior unsecured
26-Sep-18 Deutsche Bank, Morgan Stanley, Sberbank Russia Energy BB B1 NR
Guaranteed, use of proceeds include funding acquisition of a 35.61% stake in Borets International Ltd from Weatherford Bermuda Holdings Ltd (USD 370m) and the retirement of indebtedness, Reg S/144a
Armenia (Govt of) 20-Sep USD 700 6.000% 98.600 6.250% Senior unsecured
30-Sep-20 Deutsche Bank, HSBC, JPMorgan Armenia Sovereign NR Ba2 BB-
Negative pledge provision, use of proceeds incl. potentially the prepayment in full/part of the outstanding amount under the USD 500m loan from Russia, Reg S/144a
Coca-Cola Icecek (Anadolu Efes group)
24-Sep USD 500 4.750% 99.285 4.913% Senior unsecured
01-Oct-18 Barclays, Citigroup, HSBC, JPMorgan Turkey Con-sumer: other
NR Baa3 BBB Negative pledge provision, change-of-control put option, Reg S/144a
Gazprombank 24-Sep USD 750 7.496%, variable
100.000 7.496% Sub-ordinated
28-Dec-23 Barclays, BNP Paribas, BOC International, Gazprombank, Goldman Sachs, Societe Generale
Russia Financial services
BBB- Baa3 BBB- Step-up after 28-Dec-18 (floating coupon), LPN, Reg S
EASTERN EUROPE (continued)
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78
CEEMEA BOND ISSUANCE BOND ISSUES│4Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Turkey (Govt of) 03-Oct USD 1,250 4.557% 100.000 4.557% Senior unsecured
10-Oct-18 HSBC, Qinvest, Standard Chartered Turkey Sovereign NR Baa3 BBB- Sukuk, issuer: Hazine Mustesarligi Varlik Kiralama AS, negative pledge provision, Reg S/144a
Russian Agricultural Bank (RSHB)
08-Oct USD 500 8.500% 100.000 8.500% Senior subordi-nated
16-Oct-23 BNP Paribas, Credit Agricole, Goldman Sachs, JPMorgan
Russia Financial services
NR NR NR Tier 2, LPN, Reg S/144a
Home Credit & Finance Bank
10-Oct USD 200 10.500% 100.000 10.500% Sub-ordinated
19-Apr-21 Citigroup, Sberbank, UBS Russia Financial services
NR NR BB- Tier 2, issuer: Eurasia Capital SA, LPN, Reg S/144a
Turkiye Is Bankasi 10-Oct USD 500 5.500% 99.467 5.614% Senior unsecured
21-Apr-19 BNP Paribas, Commerzbank, JPMorgan, Morgan Stanley, Standard Chartered
Turkey Financial services
NR Baa2 BBB Negative pledge provision, Reg S/144a
Bank Saint-Petersburg 15-Oct USD 100 10.750% 100.000 10.750% Sub-ordinated
22-Apr-19 JPMorgan, VTB Capital Russia Financial services
NR NR B+ LPN
Gazprom 16-Oct CHF 500 2.850% 100.000 2.850% Senior unsecured
25-Oct-19 BNP Paribas, Gazprombank, UBS Russia Energy BBB Baa1 BBB LPN, issuer: Gaz Capital SA
Norilsk Nickel 18-Oct USD 1,000 5.550% 100.000 5.550% Senior unsecured
28-Oct-20 Barclays, BofA-Merrill Lynch, Citigroup, Sberbank, Societe Generale
Russia Metals & mining
BBB- Baa2 BB+ Reg S/144a
VTB Bank 22-Oct CHF 300 2.900% 100.000 2.902% Senior unsecured
25-May-18 Credit Suisse, Commerzbank, VTB Capital Russia Financial services
NR NR NR Long four-year bond, the first coupon is paid after 18 months
Gazprombank 23-Oct EUR 1,000 3.984% 100.000 3.984% Senior unsecured
30-Oct-18 Citigroup, Credit Agricole, Deutsche Bank, Gazprombank
Romania Financial services
BBB- Baa3 BBB- LPN
Bank Kaspi 24-Oct USD 200 9.875% 99.684 10.000% Senior unsecured
28-Oct-16 JPMorgan, VTB Capital Kazakh-stan
Financial services
BB- B1 NR Negative pledge provision, Reg S/144a
Turkiye Vakiflar Bankasi 25-Oct USD 500 5.000% 99.350 5.149% Senior unsecured
31-Oct-18 Barclays, ING, Goldman Sachs, HSBC, National Bank of Abu Dhabi, Scotiabank
Turkey Financial services
NR Baa2 BBB- Reg S/144a
Bank of Georgia 29-Oct USD 150 7.750% 105.249 6.125% Senior unsecured
05-Jul-17 BofA-Merrill Lynch, JPMorgan Georgia Financial services
BB- Ba3 BB- Tap of USD 250m 7.75% 2017, negative pledge provision, Reg S/144a
EASTERN EUROPE
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79
CEEMEA BOND ISSUANCE BOND ISSUES│4Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Bulgarian Energy Holding 31-Oct EUR 500 4.250% 99.837 4.287% Senior unsecured
07-Nov-18 Citigroup, Raiffeisen Bank International Bulgaria Energy NR NR BB+
Debut, use of proceeds incl. repaying a EUR 195m bridge facility, negative pledge provision, cross-default/cross-acceleration provision, change-of-control put option, Reg S
Turkey (Govt of) 05-Nov EUR 1,250 4.350% 99.339 4.450% Senior unsecured
12-Nov-21 Barclays, Credit Suisse, Deutsche Bank Turkey Sovereign BB+ Baa3 BBB- Reg S/144a
Gazprombank 06-Nov CHF 200 2.375% 99.921 2.403% Senior unsecured
09-Dec-16 Deutsche Bank, UBS Russia Financial services
BBB- Baa3 BBB- ‘No grow’ deal
Vneshprombank (Foreign Economic Industrial Bank)
08-Nov USD 200 9.000% 100.000 9.000% Senior unsecured
14-Nov-16 Otkritie Bank, Raiffeisen Bank International
Russia Financial services
B+ B2 NR Debut, issuer: VPB Funding Ltd, Reg S
Domodedovo International Airport
13-Nov USD 300 6.000% 100.000 6.000% Senior unsecured
26-Nov-18 ING, Raiffeisen Bank International, UBS Russia Transport BB+ NR BB+ Debut, guaranteed, issuer: DME Airport Ltd, LPN, Reg S
Bulgarian Telecommunications Company (BTC/Vivacom)
15-Nov EUR 400 6.625% 100.000 6.625% Senior secured
15-Nov-18 Barclays, Credit Suisse, Deutsche Bank, VTB Capital
Bulgaria Telecoms BB- B1 NR
Guaranteed, use of proceeds: refinancing the existing senior credit facility, make-whole call option and equity claw-back option before 15-Nov-15, 10% of the notes is redeemable every 12 months before 15-Nov-15, call option from 15-Nov-15, change-of-control put option, Reg S/144a
Commercial Bank Renaissance Credit
15-Nov USD 100 13.500% 100.000 13.500% Senior subordi-nated
22-May-19 Goldman Sachs, Sberbank Russia Financial services
NR B3 NR Tier 2, issuer: Renaissance Consumer Funding Ltd, LPN, Reg S
Vnesheconombank (VEB) 18-Nov
USD 850 4.224% 100.000 4.224% Senior unsecured
21-Nov-18 Citigroup, HSBC, JPMorgan, Mitsubishi UFJ Securities
Russia Financial services
BBB NR BBB
Dual-tranche, Reg S/144a
USD 1,150 5.942% 100.000 5.942% Senior unsecured
21-Nov-23 BBB NR BBB
Alfa-Bank 20-Nov CHF 85 4.000% 100.000 4.000% Senior unsecured
16-Jan-18 UBS Russia Financial services
NR NR BB+ Issuer: Alfa Holding Issuance plc, borrower: ABH Financial Ltd, LPN
EASTERN EUROPE (continued)
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80
CEEMEA BOND ISSUANCE BOND ISSUES│4Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Gazprom Neft 20-Nov USD 1,500 6.000% 100.000 6.000% Senior unsecured
27-Nov-23 BofA-Merrill Lynch, Credit Agricole, Gazprombank, JPMorgan
Russia Energy BBB- Baa3 BBB Reg S/144a
Serbia (Govt of) 21-Nov USD 1,000 5.875% 98.937 6.125% Senior unsecured
03-Dec-18 Citigroup, Deutsche Bank Serbia Sovereign BB- B1 BB- Reg S/144a
Kazakhstan Engineering NC
21-Nov USD 200 4.550% 100.000 4.550% Senior unsecured
03-Dec-16 UBS, VTB Capital Kazakh-stan
Defence NR Ba2 BBB- Debut
Vneshprombank (Foreign Economic Industrial Bank)
21-Nov USD 25 9.000% 100.000 9.000% Senior unsecured
14-Nov-16 Otkritie Bank, Raiffeisen Bank International Russia Financial services
B+ B2 NR Tap of USD 200m 9% 2016, issuer: VPB Funding Ltd, Reg S
Yapi ve Kredi Bankasi 25-Nov USD 500 5.250% 99.342 5.402% Senior unsecured
03-Dec-18 BofA-Merrill Lynch, BNP Paribas, Citigroup, HSBC, Unicredit
Turkey Financial services
NR Baa2 BBB Reg S/144a
Turkiye Is Bankasi 03-Dec USD 400 7.850% 100.000 7.850% Sub-ordinated
10-Dec-23 BNP Paribas, Commerzbank, JPMorgan, Morgan Stanley, Standard Chartered
Turkey Financial services
NR Ba1 BBB- Tier 2, Reg S/144a
Montenegro (Govt of) 04-Dec EUR 80 Euribor +5.95%
100.000 - Senior unsecured
09-Dec-16 Morgan Stanley Monte-negro
Sovereign BB- Ba3 NR Amortising (EUR 8.8m quarterly from 09-Dec-14 and EUR 9.6m on 09-Dec-16), negative pledge provision, Reg S
Uranium One 05-Dec USD 300 6.250% 98.947 6.500% Senior secured
13-Dec-18 Deutsche Bank, Sberbank, Societe Generale
Other Energy B+ Ba3 BB-
Guaranteed, call option from 13-Dec-16, make-whole call option and equity claw-back option before 13-Dec-16, change-of-control put option, Reg S/144a
EASTERN EUROPE (continued)
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81
FY13│MIDDLE EAST
DEALS BY SECTOR
USD 37.7bn
BY COUNTRY
CEEMEA BOND ISSUANCE RETURN TO MAIN MAP
Issuer Size (m) Size (USDm) Coupon Maturity Country Sector
Bahrain (Govt of) USD 1,500 1,500 6.125% 01-Aug-23 Bahrain Sovereign
Jordan (Govt of) USD 1,250 1,250 2.503% 30-Oct-20 Jordan Sovereign Ooredoo (formerly: Qatar Telecom) USD 1,250 1,250 3.039% 03-Dec-18 Qatar Telecoms
Saudi Basic Industries Corporation (SABIC) EUR 750 1,006 2.750% 20-Nov-20 Saudi Arabia Chemicals &
materials
LARGEST DEALS
61 issues
USD 0.2bn
USD 1.0bn
USD 2.0bn
USD 1.8bn
USD 2.0bn
USD 2.9bn
USD 8.6bn
USD 6.6bn
USD 12.7bn
1 issue
1 issue
2 issues
2 issues
4 issues
4 issues
11 issues
13 issues
23 issues
Services: other
Utilities
Chemicals & materials
Transport
Real estate
Telecoms
Sovereign
Energy
Financial services
USD 0.5bn
USD 1.3bn
USD 0.9bn
USD 2.2bn
USD 2.1bn
USD 3.4bn
USD 5.3bn
USD 5.7bn
USD 16.5bn
1 issue
1 issue
2 issues
2 issues
4 issues
6 issues
6 issues
9 issues
30 issues
Oman
Jordan
Other
Bahrain
Lebanon
Israel
Saudi Arabia
Qatar
UAE
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82
USD 0.8bn
USD 1.0bn
USD 1.5bn
USD 0.3bn
1 issue
1 issue
1 issue
2 issues
UAE
Saudi Arabia
Bahrain
Israel
USD 0.5bn
USD 1.0bn
USD 2.0bn
USD 2.0bn
USD 8.0bn
1 issue
2 issues
2 issues
2 issues
12 issues
Oman
Qatar
Saudi Arabia
Israel
UAE
USD 0.7bn
USD 1.0bn
USD 1.1bn
USD 1.4bn
USD 2.1bn
USD 3.9bn
1 issue
1 issue
2 issues
3 issues
4 issues
9 issues
Bahrain
Saudi Arabia
Israel
Qatar
Lebanon
UAE
1Q13 2Q13
CEEMEA BOND ISSUANCE COUNTRY BREAKDOWN│FY13
3Q13 4Q13
USD 1.3bn
USD 0.9bn
USD 1.3bn
USD 3.3bn
USD 3.8bn
1 issue
2 issues
2 issues
4 issues
8 issues
Jordan
Other
Saudi Arabia
Qatar
UAE
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83
CEEMEA BOND ISSUANCE BOND ISSUES│1Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Dubai (Govt of) 22-Jan
USD 750 3.875% 100.000 3.875% Senior unsecured
30-Jan-23 Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered
UAE Sovereign
NR NR NR Dual-tranche, sukuk, Reg S
USD 500 5.250% 98.148 5.375% Senior unsecured
30-Jan-43 Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered
NR NR NR Dual-tranche, Reg S
Ooredoo (formerly: Qatar Telecom)
23-Jan
USD 500 3.875% 98.834 3.979% Senior unsecured
31-Jan-28 BofA-Merrill Lynch, Citigroup, JPMorgan, QNB Capital, Royal Bank of Scotland
Qatar Telecoms
A A2 A+ Dual-tranche, change-of-control put option, Reg S/144a
USD 500 4.500% 97.697 4.643% Senior unsecured
31-Jan-43 A A2 A+ Dual-tranche, debut 30-year notes, Reg S/144a
Israel (Govt of) 28-Jan
USD 1,000 3.150% 99.448 3.213% Senior unsecured
30-Jun-23
Barclays, Citigroup, Goldman Sachs Israel Sovereign
A+ A1 A
Dual-tranche
USD 1,000 4.500% 98.574 4.588% Senior unsecured
30-Jan-43 A+ A1 A
Emirates Airline 31-Jan USD 750 4.500% 99.941 4.510% Senior unsecured
28-Feb-25 Citigroup, Deutsche Bank, Emirates NBD Capital, JPMorgan, Morgan Stanley, Standard Chartered
UAE Transport NR NR NR
Amortising at a rate of USD 47.62 per USD 1,000 on every coupon date from 06-Feb-15, change-of-control put option, Reg S/144a
Millennium Offshore Services Management Company
08-Feb USD 225 9.500% 100.000 9.500% Senior secured
15-Feb-18 Goldman Sachs UAE Energy B B2 NR Debut, make-whole call option before 15-Feb-15, call option from 15-Feb-15, RegS/144a
Abu Dhabi Commercial Bank (ADCB)
26-Feb
USD 750 2.500% 99.636 2.578% Senior unsecured
06-Mar-18 Abu Dhabi Commercial Bank, Barclays, ING, JPMorgan, National Bank of Abu Dhabi, Royal Bank of Scotland
UAE
A NR A+ Dual-tranche, change-of-control put option, Reg S
Financial services
USD 750 4.500% 99.127 4.610% Senior subordi-nated
06-Mar-23 A- NR A Dual-tranche, Reg S
Dubai Electricity & Water Authority (DEWA)
28-Feb USD 1,000 3.000% 100.000 3.000% Senior unsecured
05-Mar-18 Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Royal Bank of Scotland, Standard Chartered
UAE Utilities NR NR NR Sukuk, Nasdaq Dubai listing, Reg S
MIDDLE EAST
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84
CEEMEA BOND ISSUANCE BOND ISSUES│1Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
National Bank of Abu Dhabi (NBAD)
28-Feb AUD 300 5.000% 99.607 - Senior unsecured
07-Mar-18 Australia and New Zealand Banking Group, BofA-Merrill Lynch, National Bank of Abu Dhabi
UAE Financial services
A+ Aa3 AA- Debut kangaroo bond
Eole Finance (Emirates Airline)
5-Mar (issue date)
USD 187.1 2.341% 100.000 2.341% Senior unsecured
24-Feb-24 JPMorgan UAE Financial services
NR NR AAA
Use of proceeds: to prepay the ECA loan linked to the Airbus A380-800 purchase in February 2012, amortising, initial average life: 5.82 years, issuer: Eole Finance SPC, guarantor: export credit agency Coface
Emirates Airline 12-Mar USD 1,000 3.875% 99.331 4.024% Senior unsecured
19-Mar-23
Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Standard Chartered Bank
UAE Transport NR NR NR Sukuk, issuer: Medjool Ltd, amortising from 19-Sep-13, change-of-control put, Reg S
Dubai Islamic Bank 13-Mar USD 1,000 6.25%,
variable 100.000 6.250%
Sub-ordinated
perpetual Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Standard Chartered
UAE Financial services
NR NR NR Tier 1, sukuk, interest rate reset every six years from first call option date (20-Mar-19), reset margin ms+4.954%, Reg S
BankMuscat 19-Mar USD 500 2.500% 99.302 2.650% Senior unsecured
26-Mar-18 Bank Muscat, Citigroup, Credit Agricole, Deutsche Bank, HSBC, National Bank of Abu Dhabi, Standard Chartered
Oman Financial services
A- A1 NR
Emirates NBD 25-Mar USD 750 4.875%, variable
100.000 4.875% Sub-ordinated
28-Mar-23 Citigroup, Emirates NBD, HSBC, JPMorgan, National Bank of Abu Dhabi, Societe Generale
UAE Financial services
NR NR A Interest rate reset on 28-Mar-18, reset margin ms+3.898%, call option on 28-Mar-18, Reg S
26-Mar
USD 1,000 3.473% 100.000 3.473% Senior unsecured
08-Apr-23
Deutsche Bank, HSBC Saudi Arabia
Energy
AA- A1 AA-
Dual-tranche, sukuk Saudi Electricity Company
USD 1,000 5.060% 100.000 5.060% Senior unsecured
08-Apr-43 AA- A1 AA-
MIDDLE EAST (continued)
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85
CEEMEA BOND ISSUANCE BOND ISSUES│2Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Sharjah Islamic Bank 09-Apr USD 500 2.950% 100.000 2.950% Senior unsecured
16-Apr-18 Al Hilal Bank, HSBC, Liquidity House, Standard Chartered
UAE Financial services
BBB+ NR BBB+ Sukuk, Reg S
First Gulf Bank 11-Apr CHF 100 Libor +0.6%
100.000 - Senior unsecured
23-Apr-15 Deutsche Bank UAE Financial services
NR A2 NR
Lebanon (Govt of)
12-Apr USD 500 6.000% 98.882 6.150% Senior unsecured
27-Jan-23
Fransa Invest Bank, Natixis, Standard Chartered
Lebanon
B B1 B Tap of USD 500m 6% 2023, Reg S
Sovereign
12-Apr USD 500 6.750% 100.451 6.700% Senior unsecured
29-Nov-27 B B1 B Tap of USD 500m 6.75% 2027, Reg S
Qatar National Bank 17-Apr CHF 200 Libor
+0.53% 100.000 -
Senior unsecured
13-May-16 Barclays, Royal Bank of Scotland Qatar Financial services
A+ Aa3 A+
Qatar National Bank 22-Apr USD 1,000 2.875% 99.216 3.000% Senior unsecured
29-Apr-20 Deutsche Bank, HSBC, JPMorgan, Mitsubishi UFJ Securities, QNB Capital, Standard Chartered
Qatar Financial services
A+ Aa3 A+ Change-of-control put option
Lebanon (Govt of)
23-Apr USD 600 4.500% 100.000 4.500% Senior unsecured
22-Apr-16
Deutsche Bank Lebanon Sovereign
NR NR NR
Dual-tranche
23-Apr USD 500 5.500% 100.000 5.500% Senior unsecured
23-Apr-19 NR NR NR
Bahrain Telecommunications Company (Batelco)
29-Apr USD 650 4.250% 99.450 4.342% Senior unsecured
01-May-20 BNP Paribas, Citigroup Bahrain Telecoms BBB- NR BBB- Reg S
Dana Gas 08-May
USD 425.04 9.000% 100.000 9.000% Senior unsecured
31-Oct-17
n.a.
UAE Energy NR NR NR Post-restructuring, sukuk, issued as part of refinancing of the USD 1bn sukuk notes
USD 425.04 7.000% - - Senior unsecured
31-Oct-17 UAE Energy NR NR NR Post-restructuring, sukuk, convertible, conversion price: AED 0.75, issued as part of refinancing of the USD 1bn sukuk notes
Commercial Bank of Dubai
14-May USD 500 3.375% 99.526 3.479% Senior unsecured
21-May-18 Citigroup, HSBC, National Bank of Abu Dhabi
UAE Financial services
NR Baa1 A- Reg S/144a
MIDDLE EAST
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86
CEEMEA BOND ISSUANCE BOND ISSUES│2Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Abu Dhabi Commercial Bank (ADCB)
16-May CHF 150 1.875% 99.787 - Junior subordi-nated
13-Jun-23 Barclays, Royal Bank of Scotland UAE Financial services
NR NR A Issue price: 100.237 with yield-to-call 1.27%, call option on 13-Jun-23
Dar Al-Arkan Real Estate Development Company (DAAR)
21-May USD 450 5.750% 99.465 5.875% Senior unsecured
24-May-18 Bank Al Khair, Goldman Sachs, Deutsche Bank, Emirates NBD, Masraf Al Rayan, Qinvest
UAE Real estate
B+ NR NR Sukuk, guaranteed, Reg S/144a
Emirates NBD 22-May USD 1,000 5.75%,
variable 100.000 5.750%
Junior subordi-nated
perpetual BofA-Merrill Lynch, Deutsche Bank, HSBC, ING, Morgan Stanley, Emirates NBD Capital
UAE Financial services
NR NR NR Tier 1, hybrid, first call option on 30-May-19, coupon reset on the first call date and every six years thereafter (6yr ms+4.513%)
Abu Dhabi Commercial Bank (ADCB)
22-May USD 300 3.125% 99.757 3.178% Sub-ordinated
28-May-23 Standard Chartered UAE Financial services
A- NR A Lower Tier 2, call option on 28-May-18, Reg S
Qatar National Bank 28-May CHF 200 0.500% 99.911 - Senior unsecured
27-Jun-16 Deutsche Bank Qatar Financial services
NR NR NR Issue price: 100.511
Islamic Development Bank
29-May USD 1,000 1.535% 100.000 1.535% Senior unsecured
04-Jun-18
Barwa Bank, Credit Agricole, CIMB, National Bank of Abu Dhabi, Natixis, NCB Capital, Royal Bank of Scotland, Standard Chartered
Saudi Arabia
Financial services
NR NR NR Sukuk, Reg S
Israel Electric Corporation
18-Jun
USD 600 5.625% 100.000 5.625% Senior secured
21-Jun-18
Barclays, Citigroup Israel Energy
BB+ Baa3 NR
Dual-tranche, change-of-control put option, make-whole call option, forced call option in the event of a downgrade of notes’ ratings by two notches below the company’s foreign LT debt ratings (and lower than BB+ (S&P) and Baa3 (Moody’s)) and not restored within three months thereafter, Reg S/144a
USD 500 6.875% 100.000 6.875% Senior secured
21-Jun-23 BB+ Baa3 NR
MIDDLE EAST (continued)
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87
CEEMEA BOND ISSUANCE BOND ISSUES│3Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
02-Jul USD 150 5.625% 101.750 - Senior secured
21-Jun-18
Barclays, Citigroup Israel Energy
BB+ Baa3 NR
Tap of USD 600m 5.625% 2018, dual-tranche, change-of-control put option, make-whole call option, forced call option in the event of a downgrade of notes’ ratings by two notches below the company’s foreign LT debt ratings (and lower than BB+ (S&P) and Baa3 (Moody’s)) and not restored within three months thereafter, Reg S/144a
Israel Electric Corporation
USD 150 6.875% 100.375 - Senior secured
21-Jun-23 BB+ Baa3 NR
Tap of USD 500m 6.875% 2023, dual-tranche, change-of-control put option, make-whole call option, forced call option in the event of a downgrade of notes’ ratings by two notches below the company’s foreign LT debt ratings (and lower than BB+ (S&P) and Baa3 (Moody’s)) and not restored within three months thereafter, Reg S/144a
Bahrain (Govt of) 24-Jul USD 1,500 6.125% 99.447 6.200% Senior unsecured
01-Aug-23 BNP Paribas, Citigroup, Gulf International Bank, JPMorgan
Bahrain Sovereign NR Baa1 BBB Reg S/144a
Ruwais Power Company (Shuweihat 2)
25-Jul USD 825 6.000% 100.000 6.000% Senior secured
06-Aug-36 BNP Paribas, Citigroup, HSBC, Mitsubishi UFJ Securities, National Bank of Abu Dhabi, Standard Chartered
UAE Energy A- A3 NR Amortising bond
Saudi Basic Industries Corp. (SABIC)
26-Sep USD 1,000 2.625% 100.000 2.625% Senior unsecured
03-Oct-18 Citigroup, HSBC, Mizuho, Royal Bank of Scotland
Saudi Arabia
Chemicals & materials
A+ A1 A+ Reg S
MIDDLE EAST
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88
CEEMEA BOND ISSUANCE BOND ISSUES│4Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Al Hilal Bank 01-Oct USD 500 3.267% 100.000 3.267% Senior unsecured
08-Oct-18 Citigroup, HSBC, National Bank of Abu Dhabi, Standard Chartered
UAE Financial services
NR A1 A+ Sukuk, issuer: AHB Sukuk Company Ltd
Petrofac 04-Oct USD 750 3.400% 99.627 - Senior unsecured
10-Oct-18 Barclays, Deutsche Bank, JPMorgan, Royal Bank of Scotland
Other Energy BBB+ Baa1 NR Debut, guaranteed, negative pledge provision, use of proceeds incl. paying down the RCF, change-of-control put option, Reg S/144a
Ras Al Khaimah (Govt of) 08-Oct USD 500 3.297% 100.000 3.297% Senior unsecured
21-Oct-18 Al Hilal Bank, Citigroup, Mashreqbank, National Bank of Abu Dhabi, Standard Chartered
UAE Sovereign A NR A Sukuk, issuer: RAK Capital, Reg S
Al Khalij Commercial Bank
09-Oct USD 500 3.250% 99.575 - Senior unsecured
22-Oct-18 BNP Paribas, HSBC, QNB Capital, Standard Chartered
Qatar Financial services
NR NR A- Issuer: AKCB Finance Ltd, Reg S
Majid Al Futtaim (MAF) Group
23-Oct USD 500 7.125%, variable
100.000 7.125% Sub-ordinated
Perpetual BofA-Merrill Lynch, Emirates NBD, Goldman Sachs, HSBC, JPMorgan, Standard Chartered
UAE Real estate
NR NR NR
Guaranteed, coupon of 7.125% before the first call date (29-Oct-18), coupon reset to a new fixed rate every five years, following a change-of-control event: call option or interest margin increase of 5%, issuer: MAF Global Securities Ltd, Reg S
Qatar National Bank
USD 750 Libor
+1.25% 100.000 -
Senior unsecured
31-Oct-16
HSBC, JPMorgan, QNB Capital, Royal Bank of Scotland, Standard Chartered
Qatar Financial services
A+ Aa3 A+
Dual-tranche, Reg S 23-Oct
USD 750 2.750% 99.459 2.867% Senior unsecured
31-Oct-18 A+ Aa3 A+
Topaz Energy and Marine 25-Oct USD 350 8.625% 100.000 8.625% Senior unsecured
01-Nov-18 Goldman Sachs, HSBC, Standard Chartered
UAE Energy B- B3 NR Debut, NC3, issuer: Topaz Marine SA, guarantors include Nico Middle East Ltd, Reg S/144a
Jordan (Govt of) 29-Oct USD 1,250 2.503% 100.000 2.503% Senior unsecured
30-Oct-20 Citigroup, HSBC, JPMorgan Jordan Sovereign NR NR NR Guaranteed by the US
ShaMaran Petroleum 29-Oct USD 150 11.500% - - Senior secured
31-Dec-18 Pareto Securities Other Energy NR NR NR
Use of proceeds incl. future capex related to development of the Atrush Block (20.1%-owned by ShaMaran via General Exploration Partners)
4Q13 MIDDLE EAST
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89
CEEMEA BOND ISSUANCE BOND ISSUES│4Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
First Gulf Bank 05-Nov USD 500 3.250% 99.274 3.405% Senior unsecured
14-Jan-19 BofA-Merrill Lynch, Citigroup, Deutsche Bank, First Gulf Bank, HSBC
UAE Financial services
NR A2 A+ Change-of-control put option, Reg S
Guaranty Trust Bank 05-Nov USD 400 6.000% 99.469 6.125% Senior unsecured
08-Nov-18 JPMorgan, Morgan Stanley Nigeria Financial services
BB- NR B+ Guaranteed, Reg S/144a
Abu Dhabi Commercial Bank (ADCB)
12-Nov USD 500 Libor +1.3%
100.000 - Senior unsecured
09-Jan-17 Deutsche Bank, JPMorgan, Standard Chartered Bank
UAE Financial services
A NR A+ Guaranteed, issuer: ADCB Finance (Cayman) Ltd, change-of-control put option, Reg S
Saudi Basic Industries Corp. (SABIC)
13-Nov EUR 750 2.750% 99.280 2.865% Senior unsecured
20-Nov-20 Credit Agricole, ING, JPMorgan, Mitsubishi UFJ Securities, Standard Chartered
Saudi Arabia
Chemicals & materials
A+ NR A+ Guaranteed, negative pledge provision, change-of-control put option, issuer: SABIC Capital I BV, Reg S
Gems Education 18-Nov USD 200 12%,
variable 100.000 12.000%
Subordi-nated
Perpetual Abu Dhabi Islamic Bank, Credit Suisse, Morgan Stanley
UAE Services: other
NR NR NR Debut sukuk (mudaraba), call option on 21-Nov-18, fixed rate until first call date, issuer: GEMS MEA Sukuk Ltd
Dar Al-Arkan Real Estate Development Company (DAAR)
20-Nov USD 300 5.750% 99.323 6.000% Senior unsecured
25-Nov-16 Bank Alkhair, BoA-Merril Lynch, Deutsche Bank, Emirates NBD, Goldman Sachs
Saudi Arabia
Real estate
B+ NR NR Sukuk, guaranteed
Aldar Properties 26-Nov USD 750 4.348% 100.000 4.348% Senior unsecured
03-Dec-18 Dubai Islamic Bank, First Gulf Bank, Goldman Sachs, National Bank of Abu Dhabi, Standard Chartered
UAE Real estate
BB Ba2 NR
Sukuk (musataha), issuer: Sukuk Funding (No. 3) Ltd, negative pledge provision, cross-acceleration provision, waiver of immunity, Reg S
Ooredoo (formerly: Qatar Telecom)
26-Nov USD 1,250 3.039% 100.000 3.039% Senior unsecured
03-Dec-18 DBS Bank, Deutsche Bank, HSBC, Qinvest, QNB Capital
Qatar Telecoms A A2 A+ Sukuk, issuer: Ooredoo Tamweel Ltd, negative pledge provision, cross-default provision, change-of-control put option, Reg S
MIDDLE EAST (continued)
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90
FY13│AFRICA
DEALS BY SECTOR
USD 24.9bn
BY COUNTRY
CEEMEA BOND ISSUANCE RETURN TO MAIN MAP
Issuer Size (m) Size (USDm) Coupon Maturity Country Sector
Egypt (Govt of) USD 2,700 2,700 4.250% 28-Nov-14 Egypt Sovereign
South Africa (Govt of) USD 2,000 2,000 5.875% 16-Sep-25 South Africa Sovereign
Gabon (Govt of) USD 1,500 1,500 6.375% 12-Dec-24 Gabon Sovereign
AngloGold Ashanti USD 1,250 1,250 8.500% 30-Jul-20 South Africa Metals & mining
LARGEST DEALS
37 issues
USD 0.3bn
USD 0.4bn
USD 0.6bn
USD 0.8bn
USD 1.5bn
USD 3.7bn
USD 1.1bn
USD 3.3bn
USD 2.6bn
USD 3.9bn
USD 6.8bn
1 issue
1 issue
1 issue
1 issue
1 issue
2 issues
3 issues
5 issues
6 issues
7 issues
9 issues
Burundi
Rwanda
Tanzania
Ghana
Gabon
Egypt
Morocco
Other
Nigeria
Supranational
South Africa
USD 0.5bn
USD 0.6bn
USD 0.8bn
USD 1.5bn
USD 1.0bn
USD 1.1bn
1 issue
1 issue
1 issue
1 issue
2 issues
4 issues
Transport
Consumer: retail
Telecoms
Sovereign
Energy
Financial services
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91
USD 0.8bn
USD 1.0bn
USD 1.0bn
USD 1.3bn
USD 5.3bn
1 issue
1 issue
1 issue
3 issues
5 issues
Ghana
Egypt
Supranational
Nigeria
South Africa
USD 0.4bn
USD 0.6bn
USD 0.6bn
USD 1.3bn
1 issue
1 issue
1 issue
2 issues
South Africa
Nigeria
Tanzania
Supranational
USD 0.3bn
USD 0.4bn
USD 2.7bn
USD 0.8bn
USD 1.5bn
USD 1.6bn
1 issue
1 issue
1 issue
2 issues
2 issues
4 issues
Nigeria
Rwanda
Egypt
Morocco
Other
Supranational
1Q13 2Q13
CEEMEA BOND ISSUANCE COUNTRY BREAKDOWN│FY13
3Q13 4Q13
USD 0.3bn
USD 0.3bn
USD 0.4bn
USD 1.5bn
USD 1.8bn
USD 1.2bn
1 issue
1 issue
1 issue
1 issue
3 issues
3 issues
Morocco
Burundi
Nigeria
Gabon
Other
South Africa
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92
CEEMEA BOND ISSUANCE BOND ISSUES│1Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
African Development Bank
16-Jan USD 1,000 0.875% 99.655 0.955% Senior unsecured
15-Mar-18 BNP Paribas, Deutsche Bank, JPMorgan, Nomura
Supra-national
Financial services
AAA Aaa AAA
Edcon Holdings 08-Feb EUR 300 9.500% 96.500 10.415% Senior secured
01-Mar-18 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan, Morgan Stanley
South Africa
Con-sumer: retail
B B3 NR
Tap of EUR 317m 9.5% 2018, issued to repurchase 2014 senior secured notes, make-whole call and equity claw-back options before 01-Mar-14, call option from 01-Mar-14
African Development Bank
21-Feb USD 250 0.875% 99.347 n.a. Senior unsecured
15-Mar-18 BNP Paribas, Deutsche Bank Supra-national
Financial services
AAA Aaa AAA Tap of USD 1bn 0.875% 2018
Tanzania (Govt of) 27-Feb USD 600 Libor +6.0%
100.000 n.a. Senior unsecured
08-Mar-20 Standard Bank Tanzania Sovereign NR NR NR Debut, amortising equal semi-annual installments from 08-Mar-16, average life of five years
Sea Trucks Group 15-Mar USD 575 9.000% 100.000 9.000% Senior secured
26-Mar-18 Pareto Securities Nigeria Transport NR NR NR
Call options on 26-Mar-15 and every six months until 26-Dec-17, use of proceeds incl. repayment of ~USD 156.5m Bank of Scotland facility and USD 200m 13% convertible 2015 notes, quarterly coupon, Reg S/144a
AFRICA
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CEEMEA BOND ISSUANCE BOND ISSUES│2Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
African Development Bank
09-Apr USD 425 0.875% 100.072 0.860% Senior unsecured
15-Mar-18 Standard Chartered, TD Securities Supra-national
Financial services
AAA Aaa AAA Tap of USD 1.25bn 0.875% 2018
Anglo American 22-Apr EUR 750 2.500% 99.379 2.587% Senior unsecured
29-Apr-21 BBVA, BNP Paribas, Credit Agricole, Lloyds Banking Group, Santander
Other Metals & mining
BBB Baa1 NR Reg S
Rwanda (Govt of) 25-Apr USD 400 6.625% 98.213 6.875% Senior unsecured
02-May-23 BNP Paribas, Citigroup Rwanda Sovereign B NR B Debut, Reg S/144a
African Development Bank
25-Apr USD 500 0.875% 100.120 - Senior unsecured
15-Mar-18 Deutsche Bank, TD Securities Supra-national
Financial services
AAA Aaa AAA Tap of USD 1.675bn 0.875% 2018
Fidelity Bank 03-May USD 300 6.875% 99.480 7.000% Senior unsecured
09-May-18 Citigroup, Deutsche Bank Nigeria Financial services
B NR B Reg S/144a
Millicom International Cellular
17-May USD 500 4.750% 99.266 4.875% Senior unsecured
22-May-20 BNP Paribas, JPMorgan, Standard Bank Other Telecoms NR Ba2 BB+
Make-whole option and equity claw-back options before 22-May-17, call option from 22-May-17, to refinance existing debt of Millicom’s African subsidiaries; Reg S/144a
22-May
USD 500 4.250% 100.263 4.216% Senior unsecured
11-Dec-22
Barclays, BNP Paribas, Citigroup, Natixis Morocco Sovereign
BBB- Ba1 BBB- Tap of USD 1bn 4.25 2022, dual-tranche, Reg S/144a
Morocco (Govt of)
USD 250 5.500% 99.032 5.567% Senior unsecured
11-Dec-42 BBB- Ba1 BBB- Tap of USD 500m 5.5% 2042, dual-tranche, Reg S/144a
Egypt (Govt of) 28-May USD 2,700 4.250% 100.000 4.250% Senior unsecured
28-Nov-14 HSBC, Qatar National Bank Egypt Sovereign B- B3 B Series 1
African Export- Import Bank
28-May USD 500 3.875% 99.282 4.035% Senior unsecured
04-Jun-18 HSBC, Commerzbank, Mitsubishi UFJ Securities, Standard Bank
Supra-national
Financial services
BBB- Baa2 BBB-
African Development Bank
13-Jun USD 200 1.125% 100.791 0.909% Senior unsecured
15-Mar-17 Goldman Sachs, Standard Chartered Supra-national
Financial services
AAA Aaa AAA Tap of USD 1.5bn 1.125% 2017
AFRICA
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94
CEEMEA BOND ISSUANCE BOND ISSUES│3Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
Egypt (Govt of) 01-Jul USD 1,000 3.500% 100.000 3.500% Senior unsecured
01-Jul-16 HSBC, Qatar National Bank Egypt Sovereign B- B3 B Series 2
02-Jul
USD 500 5.125% 98.917 5.375% Senior unsecured
12-Jul-18
Citigroup, Deutsche Bank Nigeria Sovereign
BB- NR BB- Dual-tranche, negative pledge provision, Reg S/144a
Nigeria (Govt of)
USD 500 6.375% 98.193 6.625% Senior unsecured
12-Jul-23 BB- NR BB-
Naspers
11-Jul USD 750
6.000%
100.000 6.000%
Senior unsecured
18-Jul-20 Barclays, Citigroup, JPMorgan South Africa
Media NR Baa3 NR
Issuer: Myriad International Holdings BV, Reg S/144a
16-Jul USD 250 101.000 - ‘No grow’ tap of USD 750m 6% 2020, issuer: Myriad International Holdings BV, Reg S/144a
Ghana (Govt of) 25-Jul USD 750 7.875% 99.151 8.000% Senior unsecured
07-Aug-23 Barclays, Citigroup Ghana Sovereign B B1 B+ Country invited to exchange up to USD 219.5m of 2017 notes for USD 250m of new notes, Reg S/144a
AngloGold Ashanti 25-Jul USD 1,250 8.500% 100.000 8.500% Senior unsecured
30-Jul-20 Citigroup, Deutsche Bank, Goldman Sachs South Africa
Metals & mining
BB+ Baa3 NR
Equity claw-back option before 30-Jul-16, call option from 30-Jul-16, change-of-control put option, use of proceeds includes repurchasing some/all of the 2014 convertible notes
Eskom 30-Jul USD 1,000 6.750% 99.107 6.875% Senior unsecured
06-Aug-23 Barclays, Citigroup South Africa
Energy BBB Baa3 NR Reg S/144a
First Bank of Nigeria 31-Jul USD 300 8.250% 98.999 8.500% Sub-ordinated
06-Aug-20 Citigroup, Goldman Sachs Nigeria Financial services
B NR B- Tier 2, issuer: FBN Finance Company BV, call option on 07-Aug-18
South Africa (Govt of) 09-Sep USD 2,000 5.875% 98.422 6.062% Senior unsecured
16-Sep-25 Deutsche Bank, Rand Merchant Bank, Standard Bank
South Africa
Sovereign BBB Baa1 BBB
African Development Bank
25-Sep USD 1,000 1.625% 99.933 1.639% Senior unsecured
02-Oct-18 Citigroup, Goldman Sachs, HSBC, Toronto Dominion
Suprana-tional
Financial services
NR NR NR
AFRICA
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95
CEEMEA BOND ISSUANCE BOND ISSUES│4Q13
Issuer Date
priced Size (m) Coupon
Re-offer price
Re-offer yield
Seniority Maturity Lead arrangers/book runners Country Sector S&P/Moody’s/Fitch Notes
African Bank 01-Oct CHF 105 5.500% - - Senior unsecured
11-Oct-17 Credit Suisse, UBS South Africa
Financial services
NR Baa3 NR ZAR/CHF hedge applied
Millicom International Cellular
10-Oct USD 800 6.625% 100.000 6.625% Senior unsecured
15-Oct-21 BNP Paribas, Citigroup, JPMorgan Other Telecoms NR Ba2 BB+
Make-whole call option before 15-Oct-17, call option from 15-Oct-17, equity claw-back option before 15-Oct-16, use of proceeds incl. funding a merger of Millicom Spain Cable (parent of Colombia Movil, 50%+1 share owned by Millicom) with UNE-EPM Telecomunicaciones (owned by Empresas Publicas de Medellin) in Colombia, change-of-control put option, Reg S/144a
Tullow Oil 01-Nov USD 650 6.000% 100.000 6.000% Senior unsecured
01-Nov-20 BNP Paribas, BofA-Merrill Lynch, Barclays, Credit Agricole, Deutsche Bank , JPMorgan, Societe Generale
Other Energy BB- B1 NR Upsized from USD 500m, NC3
Transnet 06-Nov ZAR 5,000 9.500% 100.000 9.500% Senior unsecured
13-May-21 Deutsche Bank South Africa
Transport BBB A3 NR Euroclearable, Reg S/144a
Edcon Holdings 08-Nov EUR 425 13.375% 100.000 13.375% Senior subordi-nated
30-Jun-19 Barclays, BofA-Merrill Lynch, Goldman Sachs, JPMorgan, RMB Morgan Stanley
South Africa
Con-sumer: retail
CCC Caa2 NR
Use of proceeds: refinancing senior 2015 notes, make-whole call and equity claw-back options before 30-Jun-15, call option from 30-Jun-15, Reg S/144a
Banque Marocaine du Commerce Exterieur (BMCE)
21-Nov USD 300 6.250% 98.947 6.500% Senior unsecured
27-Nov-18 Barclays, BMCE Capital, BNP Paribas, Citigroup
Morocco Financial services
NR Ba1 NR Negative pledge provision, cross-default provision, Reg S
Afren 27-Nov USD 360 6.625% 100.000 6.625% Senior secured
09-Dec-20 BofA-Merrill Lynch, Citigroup, Credit Suisse
Other Energy B+ NR B+
Guaranteed, use of proceeds: purchase any/all of 2016 senior secured notes and up to USD 100m of 2019 senior secured notes, Reg S/144a
Eastern and Southern African Trade and Development Bank (PTA Bank)
29-Nov USD 300 6.375% 100.000 6.375% Senior unsecured
06-Dec-18 BNP Paribas, Standard Chartered Burundi Financial services
NR Ba1 BB In conjunction with a tender offer for 2016 notes, Reg S
Gabon (Govt of) 05-Dec USD 1,500 6.375% 100.000 6.375% Senior unsecured
12-Dec-24 Citigroup, Deutsche Bank, Standard Chartered
Gabon Sovereign BB- NR BB-
Amortising in three equal annual installments from 12-Dec-22, issued in conjunction with an exchange offer on USD 1bn 8.2% 2017 notes, negative pledge provision, Reg S/144a
4Q13 AFRICA
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96
CEEMEA Research
Olzhas Akpambetov, Analyst +44 (0)20 7010 6394, [email protected]
Antigone Miltiadous, Analyst +44 (0)20 7010 5163, [email protected]
Elena Shutova, Analyst +44 (0)20 7010 6175, [email protected]
Andrew Cairncross, Research Editor +44 (0)20 7010 5157, [email protected]
CEEMEA Editorial
Nick Briggs, Editor +44 (0)20 7059 6244, [email protected]
Yulianna Vilkos, Deputy Editor +44 (0)20 7010 6273, [email protected]
Victoria Bakir, Head of Capital Markets +44 (0)20 7010 6223, [email protected]
Alesia Sidliarevich, Assistant Editor, Restructuring +44 (0)20 7010 6112, [email protected]
John Foster, Senior Reporter, Africa +44 (0)20 7010 6347, [email protected]
Rachel McGovern, Reporter, Syndicated Loans +44 (0)20 7010 6391, [email protected]
Davide Barbuscia, Reporter, Africa +27 (0) 603622291, [email protected]
Elias Lambrianos-Sabeh, Reporter, Middle East +44 (0)20 7010 6367, [email protected]
Debtwire Sales
Angus Codd, Head of Sales, Debtwire EMEA +44 (0)20 7010 6121, [email protected]
Daniel Kalyan, Sales, CEEMEA +44 (0)20 7010 6226, [email protected]
William Brayshaw, Sales, GCC +44 (0)20 7010 5151, [email protected]
Ralph Morales, Sales, Americas +1 212 500 1381, [email protected]
Jonathan Reed, Managing Director +1 212 686 5418, [email protected]
CEEMEA FY13
BOND ISSUANCE
Disclaimer: We have obtained the information provided in this report in good faith from sources which we consider to be reliable, but we do not independently verify the information. The information is not intended to provide tax, legal or investment advice. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report. All such liability is excluded to the fullest extent permitted by law. Data has been derived from company reports, press releases, presentations and DW intelligence.