CEE Bonds
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After a three month hiatus, an attempted coup and a sovereign downgrade, Turkish credit is back in the market with three bank trades and two mandates this week alone. But while the sovereign printed a successful $1.5bn last Friday, investor fatigue is translating into lacklustre trades, even though premiums are up.
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The supply of Russian bank paper looked set to continue as three more lenders lined up for dollar deals.
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Strong demand from domestic investors helped Polyus Gold price a new dollar deal inside its existing curve on Wednesday, as reports circulated of imminent supply from a pair of Russian corporate giants.
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Polish banks will be anxious to follow PKO Bank Hipoteczny which on Monday enjoyed a superb reception for its euro benchmark covered bond — the first from the country. Bill Thornhill reports.
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Strong demand from domestic Russian investors helped Polyus Gold price a new dollar deal inside its existing curve on Wednesday.
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Turkiye Vakiflar Bankasi (Vakifbank) added to the recent flood of Turkish supply on Thursday, emerging with initial price thoughts for a new five year dollar bond.
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Alfa-Bank is marketing the first ever fully Basel III compliant additional tier one (AT1) trade from Russia and will begin investor meetings on Monday.
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Turk Eximbank became the third Turkish borrower to tap the dollar market in less than a week on Tuesday, raising $500m of seven year funding.
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Polyus Gold emerged with pricing for a long five year dollar bond on Wednesday morning as reports circulated of imminent supply from a pair of big Russian corporates.