CEE Bonds

Yapi ve Kredi Bankasi said it plans to press ahead with its debut euro covered bond, and after getting regulatory approval Turkiye Is Bankasi (Isbank) has had its programme rated by Moody’s.

As many look on in horror at Turkey’s slide towards autocracy, investors are showing few qualms by piling into the country’s debt. State-owned Ziraat Bank was able to cut through political noise to print with no new issue premium this week. But lower rated banks are lining up to test just how far this demand extends down the ratings scale.

Turkiye Is Bankasi (Isbank) has had its mortgage covered bond programme signed off with the Turkish regulator and this week had the programme rated by Moody’s.

Ukrainian poultry producer MHP emerged with pricing for only the second corporate Eurobond from the country on over three years on Thursday morning.

Credit Bank of Moscow (CBM) is released price talk for its first Basel III compliant additional tier one (AT1).

Turkey’s Ziraat Bank cut through questions about its ownership within Turkey's new sovereign wealth fund to print $600m at no extra cost on Tuesday.

Russian coke and iron producer Industrial Metallurgical Holdings (Koks) emerged with pricing on Thursday for a new five year dollar note.

Russian corporates are once again at the forefront of issuance in emerging market bonds, raising $1.8bn already this week. With KoKs and Credit Bank of Moscow out with guidance on Wednesday, April is set to be a golden month for Russian issuers.

Yapi ve Kredi Bankasi looks set to take advantage of the bullish mood that has followed Turkey’s recent referendum and plans to issue its debut euro covered bond and what will be the second ever mortgage covered bond from Turkey.

EM bankers' predictions that April would be a mega month for Russian corporate borrowers look to be coming true with Metalloinvest raising $800m on Monday and Rusal and PhosAgro opening books on Tuesday.

Turkey’s Ziraat Bank was quick to take advantage of the recent rally in Turkish credit, opening books on a five year bond at 5.5% on Tuesday morning.

Turkish privately owned bank Fibabanka well test demand for riskier Turkish debt following the country's constitutional referendum on April 16, and has named two for its debut public transaction, a tier two Basel III deal of up to $300m.