Central and Eastern Europe (CEE)

Caffil issued the tightest French 10 year of 2019 amid a flurry of other well received covered bonds issued on Tuesday by DZ Hyp, mBank and Santander UK. While the European Central Bank’s return to the market helped deals go well, it was not needed amid an improvement in risk appetite.

Serbia has returned to the euro market after only four months, tapping the line it opened in June this year and raising cash to refinance dollar obligations it faces in 2020.

Globalworth, a Romania-headquartered real estate investment company, has secured a €200m revolving credit facility from a consortium of local and international lenders.

Three Ukrainian borrowers are set to come to market for hard currency paper, perhaps as early as this week. The deals are expected to go well, as investors generally believe there is good value in Ukrainian assets.

Poland's mBank Hipoteczny has mandated leads for a roadshow ahead of a planned sub-benchmark sized deal. It could surface in a busier than expected market in November now that some issuers will be reconsidering their funding strategies after the European Central Bank bought more than anticipated in the primary market this week.

Home Credit and Finance Bank, the Russian consumer finance bank, priced a rare additional tier one trade from the country this week.

Emerging market issuers continued to enjoy solid market conditions this week with new mandates joining the pipeline and Abu Dhabi’s Mamoura executing a $3.5bn triple tranche trade.

Naftogaz, Ukraine’s largest vertically integrated oil and gas company, is embarking on a roadshow for a dollar bond — its second outing in the international bond markets this year.

Credit Bank of Moscow is seeking to sell 2.75bn new shares through a fully marketed share sale, to fund a debt buyback to improve the composition of its regulatory capital.

Luminor Bank is likely to issue the debut Estonian covered bond in the first quarter of 2020 according to the bank’s head of treasury, Max Ehrengren. Although the programme will have capacity to issue deals secured on Lithuanian and Latvian assets, the inaugural transaction will be exclusively secured on Estonian assets.

PPF Arena 1, the Central European telecommunications company, has announced a roadshow this week for a benchmark euro transaction.

Yapi Kredi Bank has secured a $950m-equivalent loan, following Akbank, which heralded in the Turkish bank refi season last month. Glass manufacturing company Trakya Cam Sanayii also signed a €200m syndicated loan this month, signalling confidence in the Turkish market, despite what has been a bumpy year in the country's capital markets.