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Banking

Deals of the year: Emerging Europe

Best corporate bond deal

Tengizchevroil
Deal type:10-year Eurobond

Deal size: $1.1 billion

Date: November 2004

Lead managers: ABN Amro, Lehman Brothers

CEE corporate issues performed well again in 2004, despite uncertainty in the middle of the year sparked by fears of US rate rises. Issuance from Russian corporates was particularly strong, with several issues including Norilsk Nickel, Russian Standard Bank and Bank of Moscow all getting coupons near or below the 8% mark.

However, the award goes to Tengizchevroil, the Kazakh onshore oil joint venture between KazMunaiGaz, the state oil company, and Chevron Texaco. The $1.1 billion 10-year deal was only the second corporate issue from the CIS, after Gazprom's ABS, to reach a double investment grade, and was thus able to tap US high-grade investors.

It was Lehman Brothers' task to market to those investors, and the firm did a good job in persuading many first-time buyers of debt from Kazakhstan why that country is a good place in which to invest.

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