Central and Eastern Europe (CEE)

The two Turkish IPOs priced this year are trading roughly in-line with their listing prices, despite recent outflows from emerging market ECM. But it is too early to judge whether this represents a positive outlook for Turkish ECM this year, according to sources.

GTLK, Russia’s state transport leasing company, is adding to the flurry of Russian bonds printed since the start of this year, but leads have been unable to crunch the final yield tighter from initial price thoughts.

The Republic of Belarus, which issued one of the best performing bonds of 2017, is looking to return with a 10 year dollar benchmark.

Turkish food giant Yıldız Holding has restructured the equivalent of $1bn in short term loans into one long term syndicated loan, as part of its efforts to facilitate its growth plans for this year.

Russian investment bank Renaissance Capital on Monday revealed that it had set up an algorithmic trading unit to take advantage of volatility in financial markets.

Credit Bank of Moscow and Domodedovo Airport (DME) brought the total Eurobond tally of Russian issuers this year to seven this week. Those latest two issuers jumped in shortly after Directive 1 sanction fears were quashed by the US Treasury.

RusHydro, the Russian hydroelectric power generator, issued the first local currency Eurobond of 2018 with a three year note on Thursday. Bond bankers said that internationally cleared local currency bonds would gain increasing traction this year.

Moldovan agro-industrial holding company Trans-Oil Group is looking to make its capital markets debut. The deal will be the first ever from a Moldovan corporate — and with no outstanding bonds from the sovereign, investors will have a lot of price work to do.

Moldovan agro-industrial holding company Trans-Oil Group is looking to make its capital markets debut. The deal will be the first ever from a Moldovan corporate, and the first chance investors have had to buy Moldovan risk since 1997.

Credit Bank of Moscow printed a $500m five year bond from a book in excess of $1.1bn on Wednesday, quelling fears of EM new issues shutting down in face of US Treasury yield rises. Domodedovo Airport looks next to print in dollars from the country while the State Transport Leasing Company has also mandated for a bond.

RusHydro, the Russian hydroelectric power generator, kicked off local currency Eurobonds for 2018 with a three year note on Thursday. DCM bankers said that internationally cleared local currency bonds will gain increasing traction this year.

Rival bankers are keenly watching Credit Bank of Moscow’s trade as a barometer for the market this week. A sell-off in US Treasuries seemed to imply a higher borrowing cost for the issuer, though with price revisions to come, it is too early to say by how much.