Central and Eastern Europe (CEE)

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.

Rusal has signed the first internationally syndicated sustainability-linked loan from Russia. The heavily oversubscribed facility is part of a slowly growing shift towards green financing in Russia, said bankers.

Russia's VTB Bank has signed an agreement with African Export-Import Bank (Afreximbank) to boost trade finance cooperation between the two in Africa. The announcement comes on the heels of the inaugural Russia-Africa summit held this week in Sochi, during which a number of trade deals were said to have been signed.

Emerging markets issuers enjoyed supportive market conditions this week as a variety of deals gave low new issue premiums and attracted healthy order books. But with investors talking about downing tools for the year, it is not clear how much longer helpful conditions will last.

JP Morgan changes line-up for energy and utilities, multi-nationals, UK ECM and UK M&A — UniCredit swaps out CEE investment bank head — Pigasse exits Lazard