Central and Eastern Europe (CEE)

The State Export-Import Bank of Ukraine printed its local currency bond on Tuesday, but needed to pay an eye-watering 16.5% coupon to do so.

State Export-Import Bank of Ukraine has opened books on a hryvnia Eurobond with an eye-catching 16% area yield.

Orders reached €1.6bn for Západoslovenská energetika (ZSE)’s five year note on Monday, marking a subscription rate of five times for Slovakia’s largest distribution operator.

Kernel, the Ukrainian grain and sunflower producer, has signed a $100m pre-export finance facility with a syndicate of European banks.

Russia’s return to investment grade status could unlock $2bn-$3bn of passive inflows, according to analysis by Goldman Sachs — though this is expected to result in a gradual grind, rather than a sudden snap tighter in spreads. Bankers said that credit committees may also consider lending to Russia again.

The Single Resolution Board has decided that Latvia’s ABLV Bank should be wound up under national insolvency proceedings, suggesting that small and medium sized banks remain outside the scope of resolution action.

Albaraka Turk broke new ground last week it has emerged, issuing the first ever Basel III-compliant additional tier one (AT1) from Turkey in a private placement. The deal has set a structuring template for future Turkish AT1 issuance, and has sparked interest among those looking to bring the next, possibly public benchmark, deal, writes Virginia Furness.

The Republic of Belarus has printed its $600m 12 year bond through its curve despite other emerging market sovereigns paying up for their bonds over the past fortnight.

State Export-Import Bank of Ukraine has wrapped up investor meetings for an internationally cleared hryvnia bond with the deal expected to generate plenty of interest.

The Republic of Turkey is preparing to issue its first Panda bond by the end of the year, having mandated three banks to handle the deal.

Trans-Oil, a Moldovan agro-industrial firm, failed to generate enough interest in its debut bond offering on Wednesday, becoming the second CEEMEA issuer in as many weeks to fall foul of tougher market conditions.

Ziraat Bank launched a $1bn loan to refinance a facility signed in April last year, with pricing in line with Turkish peer Akbank’s new loan.