Central and Eastern Europe (CEE)

Three CEE new issues are in the works: Bulgarian Energo Pro is hoping to print its bond as soon as Friday, Hungarian fertiliser company Nitrogénművek is looking to issue €200m with a new euro seven year non-call three bond, and Wizz Air has received its first ever credit rating, a likely precursor to a bond issue.

Turk Eximbank raised $500m with its new six year bond on Thursday. While one banker on the deal said there was some buyside reticence to get involved with Turkish risk, meaning that a higher new issue premium was required, another claimed the premium paid was in line with the rest of the market.

Avast, the Czech cyber security company, has set the terms of its London IPO, valuing it at £3.2bn at the top of the range.

Cherkizovo, the Russian meat and sausage producer seeking to list on the Moscow Exchange, has failed to get its re-IPO away, citing market volatility for postponing the deal.

Energo Pro, a hydro power plant operator and electricity distributor in Bulgaria, Georgia and Turkey, finished its roadshow in Wednesday and is planning to bring a euro-denominated bond as early as Friday.

Turk Eximbank on Thursday* opened books on a new six year bond following the Central Bank of Turkey’s decision to hike rates by 75bp the day before.

Turkey’s Vakifbank has signed a dual tranche loan totalling $1.3bn-equivalent, in line with its domestic rivals, despite Moody’s taking the axe to the bank’s ratings last month.

Turkish participation bank Albaraka Turk added around $100m to its murabaha loan during syndication after signing the final deal at $318m-equivalent.

Mining company Polymetal has converted an existing $80m bilateral credit facility with ING into a sustainability-linked loan. It is the first loan market activity from Russia since the US announced a fresh round of sanctions against some of the country’s oligarchs.

Eastern European low cost airline Wizz Air has received its first ever credit rating, a likely precursor to a bond issue.

Sok Marketler, the Turkish discount grocer, has set the range on its Istanbul IPO, valuing it at Tl6.9bn (1.7bn) to Tl8.3bn ($2.05bn).

Renaissance Capital has added to its emerging and frontier markets team with the appointment of Ivan Kachkovski as an equity research analyst.