Central and Eastern Europe (CEE)

The issuance of two currency-linked notes on the private market should help stimulate local currency markets in Myanmar and Ukraine according to one syndicate banker.

Turkey’s capital markets rehabilitation has been one of the most remarkable emerging markets stories of the past six months, but investors’ appetite for the nation’s paper is finally starting to wear thin.

Vakifbank is taking orders for a five year dollar bond — its first benchmark deal in more than a year.

Bank of Georgia is in the market with its first ever additional tier one bond on Thursday, offering a generous yield but keeping the size down.

Russia is back in the capital markets, opening books for a new dollar deal with the unusual tenor of 16 years, as well as tapping its December 2025 euro benchmark.

Vakifbank will be the next borrower to join the growing list of Turkish credits returning to the bond market after the nation’s currency crisis in 2018.

A flurry of Russian equity capital markets transactions have hit the market in the past fortnight, with three block trades priced and one IPO launched. After almost no Russian issuance since April 2018, many investors are keen to gain exposure to the country and sellers are taking advantage of a clear window before political volatility returns.

Fear of US sanctions kept Russian borrowers out of the market for much of 2018. Now they’re coming back, and investors would be well advised to get involved.

Roman Abramovich let a consortium of three Russia oligarchs in a £151m selldown of shares in Evraz, the London-listed Russian steel and mining company on Monday night.

The Republic of Turkey is returning to the bond markets for the fourth time this year with a dollar tap of the $2bn 7.625% 2029s it sold in January, continuing to front load for its $8bn 2019 funding target.

Slovak Vseobecna uverova banka (VUB) attracted a €2.5bn orderbook from 160 mostly new investors on Tuesday for its first benchmark covered bond and the debut benchmark from Slovakia. The deal sends a strong signal to other borrowers across Central and Eastern Europe, where several banks are lining up with debut benchmarks of their own.

Russian borrowers are returning to life as investors start to brush off sanctions risks, though issuance is still weak compared to the same time last year. Evraz hits the road for a five year dollar bond on Wednesday and Credit Bank of Moscow (CBM) came to market on Monday.