Central and Eastern Europe (CEE)

Siberian Coal Energy Co (Suek) is set to tap the market to refinance an existing pre-export credit facility, according to bankers. The borrower is usually one of the first Russian names in the market, and is notable for its robust liquidity position.

Georges Elhedery will be moving from Dubai to London in order to take up a new role as head of global markets at HSBC. He replaces Thibaut de Roux, who reportedly left in September after an accusation of inappropriate conduct.

The US Treasury has lifted sanctions on Rusal and EN+, the aluminium and energy companies formerly controlled by Russian oligarch Oleg Deripaska, but the fear of further sanctions against Russian companies remains.

The US Treasury went ahead with its plans to lift sanctions on Rusal and EN+ on Sunday. The move was well-flagged and has not caused much of a reaction in capital markets but was nevertheless seen as being ‘constructive’.

Turkey hit screens for a quick trip to the euro market to sell its second bond of the year on Thursday, and managed to slice 25bp from its yield.

PKO Bank Hipoteczny (PKO), Deutsche Pfandbriefbank (PBB) and Raiffeisenlandesbank NiederÖsterreich-Wien (RLB-NW) all found strong demand for their €500m covered bond deals this week.

The Republic of Turkey on Thursday returned to the capital markets for the second time this month, launching a €1.25bn six year bond and taking advantage of a recent buying spree in the country’s bonds.

Emerging market investors are enjoying an excellent start to the year in the secondary market, but primary supply has not followed up on its strong start to the year. Bankers and investors are confident that issuers will get moving soon though.

The Republic of Turkey has returned for a bond in euros after the $2bn note it sold earlier this month rocketed in value.

Emerging market investors are enjoying an excellent start to the year in the secondary market, but primary supply has not maintained its strong start to the year. Bankers and investors are confident that issuers will get moving soon though.

Backed by a resilient and toughened banking system, Turkish debt could be one of the most rewarding investments in loan and bond format alike. As the country recovers from the currency crisis of August 2018, it is high time for those still standing on the platform to board the Turkish train.

US sanctions on EN+ and Rusal look set to be lifted soon, but they have not been the failure that some emerging market investors claim.