CEE Bonds

International Bank of Azerbaijan has printed a final size of $67.5m in euro commercial paper from its new $250m ECP programme, and released distribution statistics for the deal.

Bonds of New World Resources, the struggling Czech coking coal producer, spiralled lower today, after Moody’s warned yesterday it could not afford the short term expense of buying coal from abroad.

The State Oil Company of the Azerbaijan Republic (Socar) has mandated two banks to arrange its next Eurobond.

Croatia has picked four banks to arrange a euro-denominated bond. The roadshow for the deal starts on Monday.

Moody’s downgraded seven Russian financial institutions on Tuesday but the sell-off in Russian bonds was largely driven by the agency cutting the sovereign to junk on Monday.

Russia plans to open its first Islamic bank in the Republic of Tartarstan by the end of the year, Linar Yakupov, president and head of Islamic finance at the Kazan based Islamic Business and Finance Development Fund (IBFD Fund), told GlobalCapital Emerging Markets.

Ferrexpo, a Ukrainian iron ore pellet exporter, has attracted bondholders holding $214.3m of its $500m 7.875% 2019s to its exchange offer. The minimum participation condition of 60% of the notes was not satisfied but the issuer has decided to waive it in order to accept the notes.

Renaissance Credit completed a buyback of its 7.75% 2016s on Friday but the recent Russian Eurobond rally meant that many investors decided to hold onto the bonds.

Moody’s downgraded Russia to sub-investment grade on Friday, prompting a 15bp-20bp sell-off in spreads after a 100bp tightening the previous week.

Kazakhstan is working on a sovereign sukuk following the country’s successful return to the Eurobond market in 2014, a central bank official told GlobalCapital Emerging Markets.

International Bank of Azerbaijan closed its debut commercial paper deal on Friday.

Promsvyazbank (PSB) has repurchased $110.5m of its senior and subordinated notes as it attempts to manage its liquidity.