CEE Bonds

The European Union and the US are poised to enforce new sanctions on Russia today (Friday), leaving the loan market shut to larger transactions until the end of the year. Smaller club deals may, however go ahead.

Russia’s VTB Capital has been making headway into Asian debt markets in an effort to keep its fixed income teams in London and Moscow busy during a sanctions enforced shutout from their usual hunting grounds. But even when normality returns the bank will remain committed to its Asian operations, and is hoping for more mandates from Asia — and potentially Africa — later in the year, Andrey Solovyev, global head of DCM at VTB Capital told GlobalCapital Emerging Markets.

Poland printed a seven year Swiss franc deal on Wednesday. The issuer visited the market — its first time since May 2012 — to refinance a five year bond in the currency set to redeem later this month, according to bankers in Zurich.

Home appliances and consumer electronics company Arcelik priced the first euro denominated bond ever from a Turkish corporate on Tuesday. As a rare Turkish corporate with no need for dollars the issuer was able to escape the burdensome swap costs of earlier dollar deals, which helped it save some 40bp in funding costs, said a debt banker on the deal.

The Republic of Turkey firmed price guidance for its 10 year JBIC-backed Samurai at 27bp-31bp over yen swaps on Tuesday morning.

Turkish home appliances and consumer electronics company Arcelik has launched on Tuesday the first ever sub-investment grade emerging market euro deal with no high yield covenants. The note was priced flat to the company's dollar curve and books for the €350m deal were over €900m.

Alfa Bank Russia still intends to come to the international bond market with a dollar subordinated Eurobond in the next two months, despite the worsening headlines around Russia and Ukraine.

The Republic of Turkey is planning to revise price guidance for its Samurai note later on Monday in London, but is not making the new range known until the Tokyo open on Tuesday morning. The deal is expected to be priced next week.

Arcelik, a Turkish home appliances and consumer electronics company, is out with price thoughts for the first euro-denominated bond from a Turkish corporate.

Ukraine has mandated three US banks and one European firm to arrange its next Eurobond, which is expected to be the country's first standalone international bond since the start of the Crimea crisis.

Ukraine has mandated three US banks and one European firm to arrange its next Eurobond, which is expected to be the country's first standalone international bond since the start of the Crimea crisis.

Turkish Airlines has mandated Citi and Goldman Sachs to for a series of investor meetings that leads are calling an “exploratory” exercise.