CEE Bonds

Vakifbank’s debut euro Turkish covered bond is good for investors, good for emerging markets borrowers and good for the global economy. But the deal would probably never have happened without the intervention of the European Central Bank.

Türkiye Vakiflar Bankasi, or VakifBank, this week issued the first publicly syndicated Turkish covered bond, sending a powerful message to other Turkish banks and emerging market issuers that the investor base is wide open and eager for more EM names.

Evraz has bought back $184.4m of outstanding Eurobonds that were due in 2017 and 2018, joining a band of several Russian issuers which have been buying back dollar debt.

Peripheral banks led a charge for capital this week, resurrecting some long-awaited trades and putting risk appetite through its paces.

Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, on Thursday printed a €500m 10 year bond — its debut foray into the international bond markets — with leads building a €800m book for the note.

With so much attention on whether the UK will vote to leave the EU on June 23, there is a distinct chance of underestimating political risks developing within Europe itself.

Black Sea Trade and Development (BSTDB) made it two dollar debuts in emerging market bonds on Thursday today, joining fellow first timer Banque Ouest Africaine de Developpement with a five year deal.

Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, on Thursday released initial price guidance for its 10 year euro deal.

A multi-billion dollar project finance loan for Tengizchevroil (TCO), a Kazakh oil field joint venture, is finally being arranged, said four bankers this week.

Turkey chose on Thursday to take its second chunk of funding this year via a tap after raising $1.5bn with a 10 year in March.

Sberbank has chosen Netherlands–headquartered Wolters Kluwer’s OneSumX for risk management platform to streamline its global treasury operations.

Moskovskaya Birzha (Moscow Exchange, or MOEX) has vowed to improve risk management and will expand the range of foreign exchange services it provides.