CEE Bonds

Hapag-Lloyd, the German container shipping company, jumped into the high yield bond market on Thursday for a drive-by sale of a €250m bond, to refinance a deal maturing next year.

Credit Bank of Moscow has released price guidance at a yield of 16%-17% for a 10.5 year non-call 5.5 year subordinated rouble-denominated Eurobond. The final coupon on the note could be the second highest ever offered in the CEEMEA region for an internationally sold fixed rate note and the highest ever from a Russian issuer, but is largely being sold to a small group of investors that have already been identified.

Metinvest has extended the deadline to accept the proposed bond exchange offer for its $500m 10.25% 2015s to 24 November. Bondholders of 76% of the notes have already accepted the offer.

mBank was back in the euro market on Thursday with a seven year note. The Polish bank is looking to become a regular issuer and is taking the opportunity to extend its curve this time round.

The Republic of Turkey raised $1bn with a 10 year sukuk on Tuesday, closing the gap between its conventional and Islamic funding costs to just a handful of basis points. Despite some disagreement over just how close the issuer got to conventional levels, the tight pricing provides ammunition for debt bankers trying to tempt other sovereigns into the Islamic market.

The deadline for approval for Metinvest’s proposed exchange offer has passed but analysts say it is not certain whether the majority of investors will accept the offer from Ukraine’s largest steelmaker.

Debt bankers are hoping to bring a new German corporate borrower to the sukuk market in 2015, participants at an EU Islamic banking and finance conference in London told IFIS.

The Republic of Turkey raised $1bn with a 10 year sukuk on Tuesday, closing the gap between its conventional and Islamic funding costs to just a handful of basis points. Despite some disagreement over just how close the issuer got to conventional levels, the tight pricing provides ammunition for debt bankers trying to tempt other sovereigns into the Islamic market.

Turkey launched its first 10 year sukuk on Tuesday morning in an effort to create a proper Islamic curve. The $1bn deal was comfortable subscribed, with only marginal disagreement between debt bankers on and off the deal over the concession relative to Turkey's conventional debt.

Turkey launched its first 10 year sukuk on Tuesday morning in an effort to create a proper Islamic curve. The $1bn deal was comfortably subscribed, with only marginal disagreement between debt bankers on and off the deal over the concession relative to Turkey's conventional debt.

Russia's Uralsib Bank is roadshowing a tier two bond via JP Morgan and UBS, according to a source close to the deal. Meetings for the deal take place on Wednesday and Thursday this week in London and Switzerland.

The Republic of Turkey opened books on a 10 year dollar sukuk on Monday morning. Some bankers away from the deal felt the initial price thoughts were on the cheap side, but also that there was plenty of room to tighten before pricing scheduled for Tuesday.