Central and Eastern Europe (CEE)

Moody's has given Estonia’s newly established covered bond framework a mixed report, an assessment that will be a helpful guide for the other countries in the Baltic region, which plan to use special purpose vehicles to get around some of the problems their neighbour faces.

The calls have started to emerge for Turkey to turn to the IMF. Turkish president Recep Tayyip Erdoğan has always been dead set against the idea — and perhaps that’s for the best.

Turkey is butting heads with Nato over the purchase of a Russian missile system, with the diplomatic tensions weighing on the nation’s currency and asset prices. This is despite the improving economic data offering signs that the country may be leaving recession.

Metalloinvest, the Russian steel maker, has signed a sustainability-linked bilateral credit line with ING. It is one of the first sustainability-linked loans for a Russian borrower and comes as ING continues its drive to expand in this area.

Rating: Ba2/—/BB

Turkey’s finance minister, Berat Albayrak, announced an economic reform programme on Wednesday that left bond investors underwhelmed by promises of TL28bn ($4.88bn) of capital support for Turkey’s state banks. However, the loans refinancing season is progressing undeterred.

CPI Property Group, a central and Eastern European specialist, raised €550m from a hybrid bond on Tuesday, but the debt slumped on Wednesday when a US hedge fund with which it has been fighting a legal battle filed a new $1bn lawsuit in New York. David Greenbaum, CPI’s CFO, told GlobalCapital the allegations were ridiculous and had been concocted in a deliberate attempt to disrupt the deal.

GTLK, Russia’s state transport leasing company, printed a $500m six year bond on Wednesday from a book of just over $1.5bn.

GTLK, Russia’s state transport leasing company, is in the market with a Reg S six year dollar bond, returning to the market after pulling a deal in February 2018.

CPI Property Group returned to the bond market on Tuesday, raising €550m with a hybrid callable in October 2025.

Alpha Bank Romania plans to issue the first covered bond from Romania under the country’s newly established legal framework.

Turkey’s export-import bank Türk Eximbank has become the latest Turkish bank to refinance, joining Akbank and Ziraat bank. The deal was oversubscribed, and received enough demand to add two new tranches.