CEE Bonds

Emerging markets issuers are pumping out mandates, with the buy-side showing little sign yet of closing shop for the year, but investors are not throwing cash at everything.

Czech gaming company Sazka, with lottery operations around Europe, debuted in the euro market on Tuesday with €300m of senior unsecured notes, priced at 4.125%.

Investors had three Ukrainian corporate bonds to buy this week — the first time there has ever been such a choice, according to Dealogic data. The deals defied a tricky market and political turbulence to pull off strong results.

Serbia has returned to the euro market after only four months, tapping the line it opened in June this year and raising cash to refinance dollar obligations it faces in 2020.

The State Export-Import Bank of Ukraine is on screens for its first ever tier two bond, angling for a steep price.

Central European telecommunications provider PPF Arena 1 has come to market for its second bond issue, after debuting earlier this year.

Caffil issued the tightest French 10 year of 2019 amid a flurry of other well received covered bonds issued on Tuesday by DZ Hyp, mBank and Santander UK. While the European Central Bank’s return to the market helped deals go well, it was not needed amid an improvement in risk appetite.

Serbia has returned to the euro market after only four months, tapping the line it opened in June this year and raising cash to refinance dollar obligations it faces in 2020.

Globalworth, a Romania-headquartered real estate investment company, has secured a €200m revolving credit facility from a consortium of local and international lenders.

Three Ukrainian borrowers are set to come to market for hard currency paper, perhaps as early as this week. The deals are expected to go well, as investors generally believe there is good value in Ukrainian assets.

Poland's mBank Hipoteczny has mandated leads for a roadshow ahead of a planned sub-benchmark sized deal. It could surface in a busier than expected market in November now that some issuers will be reconsidering their funding strategies after the European Central Bank bought more than anticipated in the primary market this week.

Home Credit and Finance Bank, the Russian consumer finance bank, priced a rare additional tier one trade from the country this week.