Central and Eastern Europe (CEE)

Despite returning to profit in 2016, Petropavlovsk looked to be finding it difficult to shake off past concerns about its ability to refinance debt, as well as a shareholder rebellion in June that led to the ousting of founder Peter Hambro. The issuer opened books on a five year note at low 8% on Tuesday.

Two banks are co-leading Türkiye Garanti Bankasi’s second loan of the year, which will be used to refinance a $1.2bn facility due to mature this month.

UK telecoms group Virgin Media will begin marketing a jumbo loan this week, in a market that bankers describe as awash with demand. Many issuers are returning in search of tighter margins as soon as their loan terms allow.

Russian goldminer and debut bond issuer Petropavlovsk is expected to bring a new five year note with a yield in the region of high 5% on Tuesday. Bankers will be watching with interest to see how the equal lowest rated non-financial Russian debut corporate issuer fares.

Türkiye Garanti Bankasi has launched its second loan of the year as it refinances a $1.2bn facility due to mature this month.

En+ Group, the Russian power and metals company controlled by Oleg Deripaska, began trading in London and Moscow on Friday after the book for its $1.5bn IPO came together at “the last minute,” according to a banker on the deal.

The Ministry of Commerce (MofCom) completes the first draft of foreign investment law, regulators give BEA Union Investment Management the go-ahead to launch a wholly foreign owned enterprise (WFOE) in Shenzhen, and Renmin University’s vice president claims the renminbi will be fully convertible within five years.

Books for Credit Europe Bank’s $150m tier two bond were at $375m on Thursday afternoon as the bank set the launch price for the deal at 7.25% yield.

Books for Credit Europe Bank’s $150m tier two bond are at $375m as the bank sets the launch price for the deal at 7.25% yield.

Hungarian oil and gas company MOL has launched a €600m syndicated loan, for which banks are expected to send in commitments over the next two weeks.

Turkish biscuit maker Ülker has launched its second syndicated loan of the year for $350m, having been the first Turkish company to come to the market this year, in April.

The IPO of EN+ Group, the Russian power and metals company controlled by Oleg Deripaska, has got covered at its base size, on the penultimate day of the bookbuild.