Central and Eastern Europe (CEE)

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.

The orderbook for Republic of Hungary’s seven year euro benchmark has blasted past €2bn and leads have tightened price guidance — a move expected by rivals as they said initial talk looked cheap.

A subsidiary of Petropavlovsk has refinanced a $204m loan, with the Russia-focused gold mining company using the exercise to reduce its balance sheet exposure to the debt.

The Republic of Albania will go on the road to promote a euro benchmark transaction for the first time in three years.

Hungary’s Futureal has signed a €150m 10 year loan, with the real estate developer claiming it’s the largest deal of its kind in the country since the global finance crisis began.

The Banking Association of Turkey has set out a restructuring framework for the country’s banks to cut corporate borrowers some slack over loan repayments and credit availability, as the government and financial sector takes steps to limit the fallout from Turkey’s political and economic crisis.

The Banking Association of Turkey has set out a restructuring framework for the country’s banks to cut corporate borrowers some slack over loan repayments and credit availability, as the government and financial sector continues to take steps to limit the fallout from Turkey’s political and economic crisis.

The Middle East is continuing its domination of the CEEMEA primary market and even the Latin America new issue market is starting to see some action as a run of successful bonds in the last fortnight is helping to bolster investor confidence.

The Russian central bank announced a 25bp rate hike on Friday in a move calculated to offset the effect of expected US sanctions.