Central and Eastern Europe (CEE)

Akbank is taking the lead as usual in the spring round of Turkish bank refinancings. It has launched a loan to refinance the $1.2bn loan it took out in March last year. Pricing is set to compress further as lenders remain positive about Turkey, despite its recent invasion of Syria.

The Republic of Poland has set final terms for its €1bn 8.5 year green bond, with books over €3.4bn at the last market update. A banker away from the deal called the final level tight.

The long anticipated US Treasury Department report on oligarchs and parastatal entities of the Russian Federation was published on Monday night, but no indication of the Treasury’s recommendation on sanctioning Russian government debt was given.

Aviva Investors has brought in experienced analyst Carmen Altenkirch as a sovereign analyst on its emerging market debt team.

The Republic of Poland, which issued the world’s first sovereign green bond, has returned for another bite of the apple, naming leads for a new issue.

Credit Bank of Moscow, the only survivor of four banks identified in a leaked report from an Alfa-Capital analyst in August as at risk of a central bank bailout, has mandated lead managers for a senior trade.

Three new issues from Polyus Gold, Rusal and Alfa-Bank were trading below reoffer, with investors blaming the aggressive pricing strategies of Russian issuers, rather than concerns about the US Treasury recommendations due on Monday.

Russian corporates have been quick off the mark in the bond market this year with two more following fertilizer company PhosAgro into bonds this week.

Equity investors seem to be shrugging off the geopolitical tension surrounding Turkey, which is fortunate for a pipeline of Turkish IPOs, but there are risks if relations with the US worsen further, writes Sam Kerr.

United Company Rusal has released price guidance for its Reg S/144A five year benchmark bond.

Russia’s Alfa-Bank achieved a sub 7% print to raise $500m with the first additional tier one from the country this year.

Polyus Gold, Russia’s largest gold producer, printed its $500m six year bond on Wednesday from a book of $2bn and flat to where lead managers said they saw fair value.