Central and Eastern Europe (CEE)

Panic selling has hit the Russia bond complex with investors dumping securities as they race to reduce their exposure to the country for fear of further sanctions.

The sell-off in Russian bonds is battering emerging markets investors, who are seeing the biggest spread widening since sanctions were first imposed on the country in 2014. Not only have the bonds of freshly sanctioned Rusal tanked but other Russian companies are selling off as investors fear they may be next, and the rot is starting to spread to the wider central and eastern Europe region as well.

The Eurasian Development Bank has embarked on a roadshow for a three to five year tenge denominated Eurobond.

Three Turkish retail IPOs' sale processes have been launched this week, adding more deals to what is already a busy emerging markets pipeline.

Loans bankers are struggling to digest the implications of the new round of US sanctions on Russian oligarchs and companies, announced by the Treasury on Friday.

Equity investor sentiment on Russia has been upended in the space of a weekend after the shock release from the US Treasury on Friday imposing a fresh set of sanctions on Russia which has torpedoed the fortunes of aluminium producer EN+ and its owner Oleg Deripaska.

Turkish real estate developer Ronesans Gayrimenkul Yatirim (RGY) has announced plans for a global roadshow ahead of a planned dollar Eurobond debut.

Shares in EN+ Group, the Russian power and metals company controlled by Oleg Deripaska, sold off 20% on Friday afternoon after the company was named on a detailed new sanctions list by the US government.

Turkcell İletişim Hizmetleri, the largest mobile operator in Turkey, set final terms for its $500m bond on Thursday afternoon in London.

Czech investment fund PPF Group has kicked off the syndication of a €3.025bn loan, which it is using to fund the acquisition of Norwegian telecoms group Telenor’s central and eastern European operations.

Ukrainian steel and mining company Metinvest sold its dual tranche five and eight year bond on Wednesday, but the thin oversubscription and pricing at the wide end of final price guidance have suggested a meagre appetite for hairier bits of emerging market debt.

Turkcell İletişim Hizmetleri, the largest mobile operator in Turkey, has released initial price guidance for its 10 year dollar benchmark.