Central and Eastern Europe (CEE)

Garanti Bank, Turk Eximbank and Ziraat Bank have begun refinancing one year loans, according to two loans bankers. Pricing is said to be in line with Akbank, which launched a refinancing in early February.

Turkey’s economy contracted sharply in the last quarter of 2018, bringing the economy into a formal recession. But investors remain happy to pile into Turkish paper.

Two Turkish borrowers hit the market on Thursday, following in the wake of a Koç Holding trade earlier in the week and making it Turkey’s busiest week for deals in almost three years.

Ukraine goes to the polls at the end of March for presidential elections, with investors in Kiev hoping that a reform-friendly result might help the country share more fully in the emerging markets rally.

Two Turkish borrowers hit the market on Thursday, one returning to the market after a six year hiatus. Coming in the wake of a Koc Holding deal this week, the three deals make this Turkey’s busiest week for deals in almost three years.

Poland has released a draft capital markets development strategy, that aims to improve corporate governance, including at state-controlled firms, and foster a savings culture.

The outcome of Ukraine’s presidential elections at the end of March will bear great influence on the nation’s economic future, and investors are fearful of the results.

Koç Holding opened books for a six year dollar benchmark, returning to the bond market for the first time in three years. While market participants said that initial price thoughts looked generous, they expected the spread to be tightened aggressively before pricing.

Siberian Coal Energy Co (Suek) is expected to refinance an existing $1.5bn loan and, in doing so, set the benchmark as the first big Russian loan of the year. The transaction offers a sliver of hope in a painfully barren market and will determine the depth of lenders’ appetite for Russian debt.

NLMK Group, one of Russia’s largest steel manufacturers, is planning a return to the bond market after a two year hiatus.

While some emerging market loans bankers have noted an uptick of activity since a painfully slow January, those covering Russia are still patiently awaiting news of concrete transactions. But an imbalance between supply and demand has put international lenders in an awkward position, forcing them to rethink their strategies.

This Thursday was Fat Thursday, a Polish equivalent of Pancake Day, celebrated by the consumption of doughnuts. But Poland’s Ministry of Finance fed socially responsible investors a different treat this year: €2bn of green bonds.