Central and Eastern Europe (CEE)
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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. -
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.
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With equity prices around the world tumbling, emerging markets bankers are watching to see just how badly their asset class will be affected.
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Luminor Bank, an Estonian financial institution, was looking to place a small senior unsecured deal in the euro market on Wednesday, in spite of volatile market conditions. The transaction will be the issuer’s first step towards reducing its reliance on bank facilities as a means of funding.
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Sibur, the Russian petrochemical company, announced a bond buy-back on Tuesday, targeting the borrower’s October 2023 bond.
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Turkey is braced for one of the most important political events of what has been a turbulent year; the hearing of US pastor Andrew Brunson. The consequences could shape Turkey’s recovery from its recession. Elsewhere, a Russian mining company's loan showed the country is not quite closed for business, and after weeks of quiet, Latin American markets have bounced into life.
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Slovakia’s Slovenská sporiteľňa (SLSP) has issued the first Aaa rated Slovakian covered bond paving the way for the country's first publicly syndicated euro benchmark. UniCredit has also privately placed a €500m Slovak covered bond.
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Russia’s Ural Mining and Metallurgical Company (UMMC) has signed its debut syndicated loan, as lenders remain resolute that sanctions have not made the country a no-go zone.
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Romania was able to cut the spreads on both tranches of its euro benchmark on Thursday.
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