CEE Bonds

Credit Bank of Moscow reopened the new style tier two market for Russian issuers in style on Wednesday with a $600m deal that was five times subscribed.

Gazprom went for size with its sterling market return on Wednesday, pricing the second largest deal ever in the currency from an emerging markets borrower.

Credit Bank of Moscow was on track to print its first Basel III compliant deal and had taken books of $1.7bn by Wednesday morning.

Halkbank's planned Eurobond issuance is on hold after Mehmet Hakan Atilla, its deputy CEO, was detained following a roadshow in the US on charges of breaching sanctions against Iran, an investor relations person at the bank told GlobalCapital on Wednesday.

Gazprom opened books on Wednesday morning on the first sterling-denominated bond from a Russian borrower since 2013.

Russia’s renminbi ambitions got a big boost from the appointment of a clearing bank in September 2016 and the first Panda bond by a Russian corporate earlier this month. In a Q&A with GlobalRMB, the Central Bank of Russia says that all the technical preparations are complete for the Finance Ministry to issue its first RMB bond in Moscow — which would inaugurate a new market for so-called ‘Baikal’ bonds.

In its first Panda bond issuance last week, Rusal hit double its target price. With Rmb9bn of issuance limit left on its programme, Oleg Mukhamedshin, deputy CEO of Rusal, told GlobalRMB that the Russian corporate will take its time before returning.

Alfa-Bank made a rare appearance in the euro-denominated bond market on Thursday, pricing its first deal in the single currency since June 2014.

Strong fund inflows and narrowing new issue premiums brought another round of CEEMEA borrowers out of the woodwork this week as some investors sounded the alarm over market exuberance.

Turkiye Sinai Kalkinma Bankasi (TSKB) brought new flavour to the SRI bond market this week with the first ever sustainable subordinated tier two, but the deal fell short of being a major milestone as many investors who follow green bonds are not able to buy such paper. Virginia Furness reports.

Holders of Croatian retailer Agrokor's Eurobonds will be required to take a haircut on their positions, unless there is a buyout of the struggling firm, said Exotix Partners this week.

Turkey will meet investors in the UAE next week ahead of a potential return to the dollar sukuk market, leads announced on Thursday.