CEE Bonds

Hrvatska Elektroprivreda (Hep) picked banks for a dollar bond and kicked off an exchange offer on its 2017 notes on Wednesday.

Turkish mobile phone operator Turkcell sold its $500m 10 year bond at a yield of 5.95% on Wednesday, having responded to investor requests to limit size and in doing so securing a tight price for the issuer.

Gazprom has ratcheted in price guidance for its euro denominated benchmark, as it looks to print the second Russian corporate bond this week after a drought that started in November 2014.

The Republic of Poland printed an impressive €1.75bn six year bond on Wednesday with a skinny new issue premium, adding to the pile of successful CEEMEA bonds printed this week.

Turkish mobile phone operator Turkcell has released price guidance for a 10 year dollar bond at 6.25% yield area, having waited a fortnight for the right opportunity to print its debut trade.

Poland has released price guidance for a six year euro benchmark at a level which bankers away from the deal said offers a reasonable new issue premium.

Norilsk Nickel restarted CEEMEA supply and proved investors are willing to buy Russian risk in large size and longer tenors with a $1bn seven year note on Tuesday, which drew praise even from rival debt bankers.

The Black Sea Trade and Development Bank has sold the first bond from its EMTN programme after responding to demand for its name in Romanian leu.

Banks on Tuesday settled credit default swaps referencing the Republic of Ukraine at 80.625, the highest recovery on a sovereign credit event auction since they began in 2005.

Norilsk Nickel opened books on a seven year benchmark bond on Tuesday morning, which should help answer a key question on the minds of bankers and prospective borrowers — just what do Russian corporates have to pay to come to market?

A credit event auction on Tuesday for swaps referencing the Republic of Ukraine will be the fastest that has ever been put together in the history of the derivatives contract, lawyers have said.

Gazprom may issue a euro denominated note next week, the first corporate new issue from Russia in 2015. But although it is viewed as a positive sign for the market, it won't necessarily herald a wider market re-opener for the country.