CEE Bonds

Ukraine raised $2bn with a dual tranche offering on Thursday, returning to capital markets in benchmark size for the first time in more than a year, fresh from its agreement with the International Monetary Fund (IMF).

Ukraine has opened books for a pair of dollar benchmarks, returning to capital markets in benchmark size for the first time in over a year, fresh from its agreement with the IMF.

Ukraine has hit screens for a dollar bond, coming hot on the heels of a $3.9bn loan agreement with the IMF.

The Turkish sovereign returned to international markets this week riding a wave of relief and renewed goodwill, following the release of US pastor Andrew Brunson, write Francesca Young and Lewis McLellan.

Rating: Ba3/—/BB

CPI Property Group, which owns real estate in Berlin and central and eastern Europe, printed an inaugural Swiss franc bond on Thursday in a size bigger than the minimum originally touted to investors.

Turkey passed its first test of investor sentiment on Tuesday night, returning to international capital markets with a $2bn five year deal after an absence of six months while the country had a brush with economic and diplomatic chaos.

Turkey made a successful return to international markets on Tuesday after six months away. The sovereign paid up for the privilege, but took an important step in returning financing conditions in the country to normal.

The Republic of Turkey has set price guidance on a new bond issue that equates to 50bp back of its curve. That is a big, sour number for Turkey to have to offer investors, but its goal at this point must be to reopen the capital markets for its banks and corporates. To do that, Turkey's new bond needs to perform.

Turkey is in the market for a five year dollar benchmark — its first trip to international capital markets since it was plunged into financial crisis by US sanctions earlier this year.

The decision on Friday by the Turkish constitutional court to release the American pastor Andrew Brunson provided a surge of relief for investors in the beleaguered nation, although most of the tightening in debt spreads happened in advance.

A court hearing in Turkey could dictate the direction of the country's economy and the outlook for its capital markets in the months to come. Pastor Andrew Brunson, the US citizen whose detention led to the sanctions that triggered the Turkish recession, will appeal his arrest before the Turkish constitutional court on Friday.