Central and Eastern Europe (CEE)

Czech company Atrium European Real Estate has said it is focusing on a seven year bond. That is the long end of the maturity range that had set for the note on Wednesday. But there are no signs yet of price guidance for the deal, which has already been postponed once.

Potential IPO issuers from across emerging markets are waiting for investor sentiment to calm so that they can sell new deals, but many fear that there is little chance of a renaissance for EM this year.

mBank, a Polish financial institution, has hit the market with what will be the first euro benchmark from a CEEMEA borrower in over a month, taking what some investors believe is a cautious approach to reopening the market.

Czech company Atrium European Real Estate is reviving its €300m bond issue this week with a shorter maturity, having roadshowed in June. The deal looks set to be one of the first out of the gates in the emerging markets this week, after a tumultuous summer for that asset class.

Croatia’s Sunce Koncern has signed a €73m club loan from mostly domestic lenders, as the tourism company restructures its entire balance sheet.

Emerging market borrowers and investors are returning from the summer break slowly but surely this week, but caution is still the prevailing tone.

Ukraine sold what Dealogic indicates is its largest international bond in almost a year last week, printing a $725m private placement (PP), easing the country’s cashflow concerns ahead of the expected autumn tranche of International Monetary Fund (IMF) money.

RusHydro, the Russian hydroelectricity firm, has filed for a Rb13bn capital raising in order to fund the construction of overhead power lines.

Russia’s Polymetal has signed a $250m five year loan from a domestic lender, though the metals and mining company expects its leverage ratio to tick down by the end of the year.

Kirill Dikijs, formerly of BNP Paribas, has started in his new emerging markets DCM role.

It has been a dreadful August in emerging markets, but borrowers still have cash to raise and, despite the violent swings in secondary market levels, investors will have cash to put to work when the UK bank holiday has passed.

Lenders working on Turkish bank syndicated loans say deals are still going ahead, and any suggestion that the country’s woes have postponed the active deals are just rumours.