CEE Bonds

Turk Eximbank raised $500m with its new six year bond on Thursday. While one banker on the deal said there was some buyside reticence to get involved with Turkish risk, meaning that a higher new issue premium was required, another claimed the premium paid was in line with the rest of the market.

The Development Bank of Kazakhstan was set to price its tenge denominated Eurobond on Thursday evening in London from a book that was at the last update approaching Kt140bn.

Energo Pro, a hydro power plant operator and electricity distributor in Bulgaria, Georgia and Turkey, finished its roadshow in Wednesday and is planning to bring a euro-denominated bond as early as Friday.

The Development Bank of Kazakhstan (DBK) has released price guidance for its second tenge Eurobond in five months.

Turk Eximbank on Thursday* opened books on a new six year bond following the Central Bank of Turkey’s decision to hike rates by 75bp the day before.

Eastern European low cost airline Wizz Air has received its first ever credit rating, a likely precursor to a bond issue.

Investors in Rusal’s bonds have lost this round. But the game of investing in Russia has not finished yet.

Two corporate issuers are meeting investors for euro denominated bonds this week as the corporate funding season gathers pace.

With the shock of the latest round of Russian sanctions receding a little, EM investors are already seeking out the opportunities that last week’s volatility created. Even one holder of the sanctioned and problematic Rusal debt said he has increased his exposure to Sberbank.

Turkish real estate developer Ronesans Gayrimenkul Yatirim has released initial price guidance on its benchmark five year bond, which a rival syndicate has called wide but a lead said was the pick-up investors are demanding over Turkish international corporates.

EPIF Infrastructure, has released initial price guidance for a six year fixed rate euro benchmark.

Turkish real estate developer Ronesans Gayrimenkul Yatirim is still assessing investor feedback and is yet to release initial price guidance, despite having told the market that it was looking to price its bond “as early as” Wednesday.