CEE Bonds

PPF Arena 1, the Central European telecommunications company, has announced a roadshow this week for a benchmark euro transaction.

Emerging markets issuers enjoyed supportive market conditions this week as a variety of deals gave low new issue premiums and attracted healthy order books. But with investors talking about downing tools for the year, it is not clear how much longer helpful conditions will last.

JP Morgan changes line-up for energy and utilities, multi-nationals, UK ECM and UK M&A — UniCredit swaps out CEE investment bank head — Pigasse exits Lazard

Russian consumer finance bank Home Credit & Finance Bank has hit the road to market a rare AT1 in a deal that could be a test of emerging markets investors’ risk appetite for less vanilla deals.

Andrea Diamanti is set to become deputy CEO of UniCredit Bank Russia. Fabio Fornaroli will now lead UniCredit’s Central and Eastern Europe investment bank.

Norilsk Nickel printed a five year Eurobond on Monday, raising $750m with its lowest ever coupon.

Russian nickel and palladium producer Norilsk Nickel has kept momentum from a roadshow last week to hit the market with a five year benchmark dollar trade as two other issuers prepared investors for their own deals this week.

ING Poland has issued its first covered bond, a deal secured on green assets denominated in zloty. The issuer plans to return early next year with its first euro denominated green covered bond in benchmark size, said chief executive Boda Miroslaw,

Russia will issue renminbi government bonds by early 2020, said Russia deputy finance minister Alexey Moiseev on Thursday at the Moscow Exchange Forum in London. The move is a bid to widen access for Russian corporates eyeing renminbi debt, while diversifying funding sources away from the dollar.

Investors are keeping a watchful eye over the escalating tit-for-tat threats between the United States and Turkey. Asset prices have so far remain unmoved, but analysts have warned that any move to impose tougher sanctions could be catastrophic.

It has been a busy week so far in CEEMEA bonds this week with three deals sold. Meanwhile, in the loan market, sanctions threaten the pricing on Turkey bank loans.

Russian potash producer Uralkali hit the market on Tuesday, tightening pricing on a $500m bond issue, the borrower's first international deal since 2013. DCM bankers are confident Russian issuance will continue to fill the market throughout the fourth quarter, as Norilsk Nickel began a roadshow.