Central and Eastern Europe (CEE)

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.

Moldova’s Trans-Oil opened books on the first ever Eurobond from the country on Wednesday, but the small size is likely to mean it flies under the radar of most investors.

Georgia Capital (formerly BGEO Investments), the Georgian holding company representing the investment business of BGEO Group, is embarking on a roadshow for a five year dollar bond.

A Turkish military strike in Syria on Tuesday hit investor appetite for Akbank’s subordinated tier two offering, with the raid causing several accounts not to come into the book at all, according to a lead manager.