Central and Eastern Europe (CEE)

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Rating: Ba2/BB+/BB+

Romania printed a €3bn triple trancher this week, the country’s largest ever euro deal, with one of the three tranches also being the longest ever euro bond from the country.

Evraz raised $700m with a five year bond on Wednesday as it returned to the fixed income market for the first time in two years. The company used the proceeds to finance a tender offer of its April 2020s.

Alrosa, the world’s largest diamond mining business by carat volume, embarked on investor meetings on Tuesday to market a dollar benchmark Reg S/144A senior bond.

Confidence in Turkey is flagging this week as the currency is fluctuating and Turkish president Recep Tayyip Erdogan has imposed limitations on Turkish banks lending lira.

Romania has released initial price guidance for its euro triple tranche bond, a deal which is expected to total over €2bn and includes the sovereign’s first ever euro 30 year bond.

Akbank has closed an oversubscribed loan, welcoming eight new banks to its syndicate and kickstarting the refinancing season for Turkish banks. The deal was signed amid increasing market uncertainty in Turkey, with the lira having weakened and uncertainty surrounding local elections this weekend.

Turkey has had a sensational quarter, with borrowers from the country raising more than $10.2bn in the market — the highest total in history. But with its central bank short of reserves and its currency struggling to hold on to its gains, a cap in hand visit to the IMF may be around the corner, and Turkish issuers’ best funding days may be behind them.

Bankers remain confident that Turkey's 'resilient' banking system will weather increasing political and economic volatility, as the country enters a recession and approaches local elections.

The Turkish lira has suffered heavy losses against the dollar, falling to its weakest level since October 2018 and shaking market participants’ confidence in the ability of the country's borrowers to access the market.

Russian borrowers and their sovereign are streaming back into the bond markets, although with mixed results.