CEE Bonds

Vnesheconombank printed a Rb9bn one year domestic bond on Thursday with Raiffeisen Russia, a subsidiary of Austria's Raiffeisenbank International, on the mandate alongside Russian banks Gazprombank and Sberbank.

Korea Expressway Corp made up for its recent disappointment in dollars with a tightly priced Swiss franc debut on Tuesday.

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.

mBank was back in the euro market on Thursday with a €500m seven year note. The Polish bank is looking to become a regular issuer and took the opportunity to extend its curve, printing with a 10bp-15bp new issue premium.

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.