Central and Eastern Europe (CEE)
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CEZ, a Czech utility company, came to market for four year euros on Tuesday, returning to the currency for its largest deal since 2013. -
Bankers have confirmed that Russian Copper Company (RCC) is set to close its second five year $250m pre-export credit facility before the end of the year. But the jury is still out as to whether the loan market will be able to brave the ongoing Russian sanctions.
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The Republic of Slovenia has priced the flotation of Nova Ljubljanska Banka at a final offer price which values the bank at €1bn, fulfilling a commitment to privatise the bank before the end of the year.
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TFI Tab Food Investments, the owner of the Burger King chain in Turkey and China, has formally withdrawn its $220m IPO in the US after delaying it in February.
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Two emerging market (EM) sovereigns hit the euro market this week: one debuting and the other returning after a year-long absence. Both deals met with warm receptions, giving some credibility to the notion that euro investors will be happy to stay in EM deals even as quantitative easing (QE) winds up and rates climb.
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Turkey’s first euro benchmark in four years hit the market on Wednesday, raising €1.5bn with a February 2026 deal before being hit by a sell-off.
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The market volatility of recent weeks has claimed another IPO victim, Belarusian retailer Eurotorg, which postponed its listing on Tuesday, the last day of bookbuilding.
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RusHydro will come to market for a dual tranche deal in rubles and offshore yuan, following a roadshow to promote the bonds.
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A pair of rare euro bonds from sovereign emerging markets borrowers hit the market this week, much to the approval of investors who said the deals provided “good value”.
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Turkey hit screens on Wednesday, announcing a February 2026 euro benchmark, following up on its success in dollars in October.
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Garanti Bank has launched syndication to refinance a $1.15bn-equivalent loan, as bankers assess Turkish banks' funding activity during the country's recent period of economic upheaval.
