CEE Bonds

Eurotorg, the Belarusian food retailer, issued its debut Russian rouble bond last week, paving the way for the Belarusian government to follow suit.

Romania entered a crowded euro bond market on Tuesday, with 12 and 30 year papers. The deals may be among the last euro issues from the emerging markets before the summer lull.

Turkish president Recep Tayyip Erdogan has fired Turkish central bank governor Murat Cetinkaya. The development has, according to capital market participants, shredded more of Turkey’s credibility and caused last week’s dollar benchmark to slump below re-offer.

Turkey returned to the market on Tuesday, raising $2.25bn of five year dollar paper with a slim new issue premium. The deal was timed to take advantage of a tremendous rally in Turkish asset prices, but not all investors are convinced.

Turkey announced a five year dollar Global benchmark on Tuesday, returning to the market for the first time since March and making the most of the rally in Turkish assets.

Ukraine Railways has benefited from investors' desperation for yield, with a sharp tightening in pricing from initial price thoughts.

Ukrainian Railways is returning to the Eurobond market for the first time in six years, hitting screens with a five year $500m global bond.

TBC Bank, Georgia’s largest, sold its first ever additional tier one (AT1) bond on Wednesday, completing a successful transaction in spite of political demonstrations taking place in the capital, Tblisi, this week.

TBC Bank, Georgia's largest bank, is in the market for its first ever additional tier one bond, offering initial price thoughts of high 10% area.

UniCredit AG issued its first dollar Pfandbrief on Tuesday, shortly after DekaBank had quickly wrapped up a sub-benchmark eight year. The two deals followed an inaugural sub-benchmark seven year from Slovakia’s Tatra banka that was priced on Monday.

Investors gained confidence from the defeat of Turkey's ruling AK Party in the rerun of the Istanbul municipal elections on Sunday. Asset prices have rallied, improving conditions for Turkish borrowers.

Russia saw more than $8bn of orders at peak demand for a tap of its 2029 and 2035 Eurobonds, with the sovereign getting such a rapturous response that it paid zero to negative new issue premiums.