Central and Eastern Europe (CEE)

Dmitry Gladkov has been promoted to be Renaissance Capital’s acting global head of investment banking, replacing James Friel.

The Republic of Albania hit screens on Tuesday to print a €500m seven year no-grow and, in the face of strong demand, was able to pull in the spread.

Turkey’s manufacturing PMI dropped steeply in September, joining the cavalcade of evidence pointing to the country being in recession. But government support of banks is reflected in their dollar debt and diplomatic relations with the rest of the world appear to be improving.

Croatia’s Uljanik Plovidba has hammered out a loan refinancing that includes “significant” debt relief, throwing a lifeline to the cash-strapped ship builder.

Vakifbank has sold the first ever domestically placed AT1, raising TL5bn ($828.5m) with a perpetual non call five year private placement. An investor away from the deal said it was bought by a single, government linked investor.

When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies. Nigel Owen reports.

Republic of Hungary

Turk Eximbank has taken to the road for a non-deal roadshow in London, meeting with international investors to discuss the institution’s credit, alongside three other emerging markets borrowers.

The US Federal Open Market Committee (FOMC) provided little in the way of encouragement for emerging markets at its meeting on Wednesday, delivering a 25bp hike to the Fed Funds Rate, meaning the wind will keep blowing firmly against emerging markets. Lewis McLellan reports.

Turkey’s Akbank has signed a $980m-equivalent syndicated loan, sending a wave of relief through the debt markets — though the borrower had to make significant concessions amid Turkey’s economic difficulties.

Turk Eximbank has taken to the road for a non-deal roadshow in London, meeting with international investors to discuss the institution’s credit.

Hungary printed its €1bn seven year bond on Tuesday with the lowest ever coupon and yield for a dollar or euro bond from the issuer.