CEE Bonds

Arcelik, a Turkish home appliances and consumer electronics company, has mandated BNP Paribas, Citi and HSBC for a euro-denominated Reg S bond. The deal will mark the first ever bond in the currency for a Turkish corporate.

Turkish participation bank Turkiye Finans has tapped the country’s domestic market and sold TL139m ($64.3m) of six-month sukuk, it’s second ever issue at that tenor, according to an official at the bank.

European Central Bank president Mario Draghi’s admission last week that inflation expectations are not well anchored has bolstered the prospects for a quantitative easing (QE) programme. But what to buy remains the thorny question.

The Republic of Turkey has mandated four banks and scheduled investor meetings for next week with a view to selling a Samurai bond. The market is on the verge of a record year, with Samurai issuance already almost level with the full year 2013.

The Republic of Turkey has mandated four banks and set investor meeting for the start of September with a view to selling a Samurai bond. Bankers said that this year could be a record for this kind of note as volumes are almost level with the full year 2013.

Jastrzębska Spółka Węglowa, the European Union's largest coking coal miner, has mandated Credit Suisse and JP Morgan to arrange a Eurobond.

The mesmerising allure of euro issuance has diminished in CEEMEA. Emerging market bankers are expecting euro denominated deals to be less prominent in the rest of 2014 than they have been so far this year. But several issuers may remain more active in future in the currency than they have been in previous years.

With all that has happened in the last few months in Russia and Ukraine, heads of DCM must be thinking about taking axes to their headcounts. But to start swinging them would be foolish when the market could still bounce back and annual refinancing volumes are about to rocket.

The mesmerszing allure of euro issuance has diminished in CEEMEA. Emerging market bankers are expecting euro issuance to be less prominent in the rest of 2014 than it has been so far this year. But several issuers may remain more active in the currency than they have been in previous years.

Two Ceemea issuers —Turkish Finansbank and the Eurasian Development Bank (EDB) — have revealed their capital markets plans for the next few months.

Turkish Finansbank has ruled out the possibility of coming to the international bond markets again before the end of the year but is looking ahead to the possibility of issuing another dollar bond again in 2015.

With all that has happened in the last few months in Russia and Ukraine, heads of DCM must be thinking about taking axes to their headcounts. But to start swinging them would be foolish when the market could still bounce back and annual refinancing volumes are about to rocket.