CEE Bonds

Ceské dráhy, the 100% state-owned Czech national railway operator, has mandated two banks for a Reg S only euro bond.

Turkiye Sinai Kalkinma Bankasi (TSKB) is preparing to open up a new market in Turkey by issuing the country’s first ever green bond against a volatile political backdrop.

Turkey’s sovereign curve widened between 5bp-10bp on Thursday after Turkey’s prime minister Ahmet Davutoglu agreed to step down, though bankers said the asset class was holding up versus equities, at least.

Ukraine's Cabinet of Ministers has approved the issuance of new debt to complete the restructuring of its external sovereign debt. All that remains is for the country to reach an agreement on $3bn of debt owed to Russia.

After a week of no new paper in CEEMEA, EM bankers are looking forward to a busier next week as four bonds are slated from the region and the market looks supportive enough to allow issuers to pull the trigger.

Turkey’s sovereign curve widened between 5bp–10bp on Thursday after expectations that Turkey’s prime minister Ahmet Davutoglu will step down, though bankers said the asset class was holding up versus equities at least.

It’s been a sour few days for European equities — the Euro Stoxx 50 has lost 5.4% in three and a half days of continuous falls. With a big cohort of IPOs having been priced last week, the new issue market now enters a new phase, and will be looking for signals as to how receptive investors are.

Slovenia is offering a $750m buy-back across its dollar 2022s, 2023s and 2024s and is looking to fund it with proceeds from a new euro-denominated bond.

Turkey this week chose to take its second chunk of funding this year via a tap to double the $1.5bn it raised with a 10 year in March.

Black Sea Trade and Development (BSTDB) made its dollar debut on Thursday, printing $500m in 144A/Reg S format.

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.