Bulgarian Energy prices notes; Srpska plans bonds; Lietuvos Energija markets green bonds

By Paul A. Harris

Portland, Ore., June 21 – Volatility continued to rock emerging markets debt on Thursday, according to a London-based trader who noted that rising interest rates, trade war fears, Turkish elections, cash outflows from emerging markets and a backdrop of selling are pressuring the asset class.

Turkey’s sovereign bonds maturing 2028 rallied by 10 basis points on the day, the trader said but noted that the rally represented just 10% to 20% of the way back from recent wides.

Bulgarian Energy prices notes

Notwithstanding the volatility, there was news on the new issue front.

Bulgarian Energy Holding EAD, a state-owned electricity and gas company, priced a €400 million seven-year eurobond (//BB) at par to yield 3˝%.

The debt refinancing deal launched earlier in the day at 3˝%, playing to a book containing between $460 million and $500 million of orders, sources said.

Citigroup managed the sale.

Srpska green bond

Republic of Srpska announced that it is planning to place five-year eurobonds.

The coupon range is 4˝% to 5%.

Final talk will circulate on Friday when order books are expected to close.

BMI Securities Ltd. of Hong Kong is the global coordinator.

The deal attracted interest from investors in Vienna, Zurich, Geneva, Luxembourg, Frankfurt and London, after the republic’s representatives conducted a roadshow that ran from June 11 to June 20, a Thursday press release stated.

Lietuvos Energija mandate

State-owned Lithuanian utility Lietuvos Energija UAB mandated BNP Paribas, JPMorgan and SEB as joint lead managers and joint bookrunners to arrange a series of fixed-income investor meetings in Europe beginning on Monday.

A €300 million minimum Regulation S only senior unsecured green bond with a seven- to 12-year maturity will follow, subject to market conditions.

The Vilnius-based company’s pending offer would be issued off of its euro medium-term notes program.

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