Central and Eastern Europe (CEE)
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The Europe, the Middle East and Africa (EMEA) IPO market suffered during the sell-off that hit equity markets hard last week. But amid the wreckage of pulled flotations and weak aftermarket performance, two exciting listings from Kazakhstan and Belarus are underway and equity capital markets bankers and investors are beginning to see the promise in the markets in, and beyond, Europe’s eastern fringe, writes Sam Kerr. -
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CPI Property Group, which owns real estate in Berlin and central and eastern Europe, printed an inaugural Swiss franc bond on Thursday in a size bigger than the minimum originally touted to investors.
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Turkey passed its first test of investor sentiment on Tuesday night, returning to international capital markets with a $2bn five year deal after an absence of six months while the country had a brush with economic and diplomatic chaos.
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Turkey made a successful return to international markets on Tuesday after six months away. The sovereign paid up for the privilege, but took an important step in returning financing conditions in the country to normal.
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The Republic of Turkey has set price guidance on a new bond issue that equates to 50bp back of its curve. That is a big, sour number for Turkey to have to offer investors, but its goal at this point must be to reopen the capital markets for its banks and corporates. To do that, Turkey's new bond needs to perform.
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Turkey is in the market for a five year dollar benchmark — its first trip to international capital markets since it was plunged into financial crisis by US sanctions earlier this year.
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Slovenia will brave volatile markets to privatise Nova Ljubljanska Banka (NLB), the country’s largest bank, before an end of year deadline set by the European Commission.
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The decision on Friday by the Turkish constitutional court to release the American pastor Andrew Brunson provided a surge of relief for investors in the beleaguered nation, although most of the tightening in debt spreads happened in advance.
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A court hearing in Turkey could dictate the direction of the country's economy and the outlook for its capital markets in the months to come. Pastor Andrew Brunson, the US citizen whose detention led to the sanctions that triggered the Turkish recession, will appeal his arrest before the Turkish constitutional court on Friday.
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CPI Property Group, which owns real estate in Berlin and Central and Eastern Europe, printed a €600m 3.5 year senior bond on Wednesday, riding high on the back of a recent ratings upgrade to consolidate and refinance its debt. After a successful trade, CPI’s chief financial officer, ex-Deutsche Bank CEEMEA banker David Greenbaum, is setting his sights on Swiss francs and Pro-Bonds.
