Central and Eastern Europe (CEE)

Turkish private sector development bank, Turkiye Sinai Kalkinma Bankasi (TSKB), has closed its annual loan refinancing. The deal was signed amid secondary spreads for Turkish bank paper tightening and as a precursor to the next wave of refinancings for the country's financial institutions.

A new name hit screens on Tuesday announcing a roadshow. Air Baltic, an airline owned by the Latvian government, will meet with investors to promote a euro deal.

Eurotorg, the Belarusian food retailer, issued its debut Russian rouble bond last week, paving the way for the Belarusian government to follow suit.

Romania entered a crowded euro bond market on Tuesday, with 12 and 30 year papers. The deals may be among the last euro issues from the emerging markets before the summer lull.

Turkish president Recep Tayyip Erdogan has fired Turkish central bank governor Murat Cetinkaya. The development has, according to capital market participants, shredded more of Turkey’s credibility and caused last week’s dollar benchmark to slump below re-offer.

In this round-up, Chinese securities regulators allow their Hong Kong counterpart to access audit papers of Hong Kong-listed mainland companies, Chinese premier Li Keqiang vowed to lift the 51% foreign ownership cap on Chinese financial firms sooner than planned, and free-trade zones (FTZs) receive more autonomy in trying out new policies.

Turkey returned to the market on Tuesday, raising $2.25bn of five year dollar paper with a slim new issue premium. The deal was timed to take advantage of a tremendous rally in Turkish asset prices, but not all investors are convinced.

Turkey announced a five year dollar Global benchmark on Tuesday, returning to the market for the first time since March and making the most of the rally in Turkish assets.

Ukraine Railways has benefited from investors' desperation for yield, with a sharp tightening in pricing from initial price thoughts.

Interest from Russian accounts drove a $400m sale in steel company NLMK Group last week, with local demand remaining strong in the country for the right sectors and stocks.

Ukrainian Railways is returning to the Eurobond market for the first time in six years, hitting screens with a five year $500m global bond.

Żabka Polska, an operator of Polish convenience stores, has launched a syndicated loan to fund a dividend recapitalisation, according to bankers. The transaction is following closely in the footsteps of fellow Polish corporate, Allegro, that closed a Z2bn (€470m) dividend recap in May.