Central and Eastern Europe (CEE)

JP Morgan's launch of an environmentally and socially conscious version of its EMBI index is well timed, as fund managers realise that dodgy morals can lead to shabby financial statements.

Avast, the Czech cybersecurity firm, closed a well-covered book for its IPO on Wednesday at what bookrunners said was an attractive price, but the stock traded down on its first day.

Lenders to Vakifbank’s Turkish Islamic finance subsidiary got a 90bp reward for financing the smaller specialist financial institution over its parent company, according to bankers close to the transaction.

US President Donald Trump’s decision to reimpose sanctions on Iran has sent Turkey’s bonds, already under pressure from a weakening currency, flying wider.

The strengthening dollar is wreaking havoc for emerging market bond investors as assets in local currencies and dollars alike take a hammering.

The IPOs of two Turkish retailers, Beymen and DeFacto, were cancelled at the end of last week, after failing to attract enough demand to cover the shares on offer. A third IPO, Şok Marketler, was extended to Wednesday May 9. All three were seeking to list in Istanbul.

Euroclear’s refusal to continue settling Rusal trades when US sanctions were slapped on the company on April 6 may have saved many US bond investors from crystallising crippling losses. If the US plans further rounds of similar punishments, it should turn that happy accident into a permanent feature of the sanctions process.

Nitrogénművek found demand at the second time of asking on Friday, raising €200m with a seven year note after first attempting to bring a deal last year.

Shares in Vivo Energy, the African fuel distributor, rose more than 3% on its first day of trading on the London Stock Exchange on Friday, after its £558m IPO attracted substantial demand.

The gloom over Russian capital markets was lifted a little this week as the US Treasury softened its stance towards sanctioned aluminium behemoth Rusal, giving hope to markets that the announcement of new sanctions against Russia at the beginning of April may not have been a knockout blow, write Sam Kerr, Francesca Young and Mike Turner.

Hungarian fertiliser company Nitrogénművek has released initial price guidance for its €200m seven year non-call three bond.

Turkey’s Garanti Bank has wrapped up its springtime loan refinancing, raising $1.4bn-equivalent and continuing the pricing trend seen among peers in recent weeks.