Sovcomflot-New issue
摘要: Sovcomflot(SCFRU),ratedBa1/BB+/BBbyMoody’s/S&P/Fitch,yesterdayissuedaUSD750mnEurobonddue2023@5.375%.
Sovcomflot (SCFRU), rated Ba1/BB+/BB by Moody’s/S&P/Fitch, yesterdayissued a USD750mn Eurobond due 2023@ 5.375%. The final pricing waslower than the IPT of 5.75%. This issuance comes on top of an already busynew issuance activity within CEEMEA and Russia, as issuers look to takeadvantage of healthy risk appetite and attractive pricing environment. YTDCEEMEA new issuance now stands at USD~68bn, of which 31% is formed bycorporates and banks while the rest is accounted for by Sovereigns. Thisrepresents 76% of total 2015new issuance of USD87bn while we are not yethalf way through 2016. Considering this, together with the healthy pipeline ofCEEMEA new issues, we believe overall 2016issuance looks set to exceed the2015figure.
Sovcomflot,SCFRU,ratedBa1,BB,BBbyMoody