Central and Eastern Europe (CEE)

Turkey’s state-owned Ziraat Bank on Monday morning took orders of $1.25bn to print its second senior trade of the year in what bankers said was a notably softer market.

Credit Bank of Moscow this week revealed plans to buy back chunks of its outstanding Eurobonds as fears of further bail-outs kept Russian subordinated bank paper under pressure.

CPI Property, a big owner of real estate in central and eastern Europe, took to euros for its first international bond on Wednesday, and in doing so priced the biggest ever real estate bond from the region.

Hungary is set to take advantage of lower rates in euros to buy back its more expensive outstanding dollar debt.

Turkey’s Vakifbank has signed its second refinancing facility of the year for $891m with 22 banks, bringing the second round of Turkish bank refis to a near end.

Turkey’s state-owned Ziraat Bank on Monday morning took orders of $1.25bn of its second senior trade of the year.

Central Asia Metals, the Aim-listed owner of a copper mine in Kazakhstan, priced a £137.4m ($153.5m) capital increase and secondary share sale on Friday, to partly finance its acquisition of Lynx Resources for $402.5m.

Türkiye İş Bankası signed a $1.1bn dual currency syndicated loan on Monday with 33 banks at a spread 10bp lower than its first loan this year in May, in line with its peers.

Russia tapped its dollar denominated June 2027 and 2047 bonds on Wednesday, with a lead saying that many names new to the sovereign had bought into the debt reopening.

The strength of the demand for equity block trades in Europe was highlighted once again on Wednesday evening by Telenor when it covered an effective cleanup trade in Veon, the New York-listed Russian telecoms company formerly known as VimpleCom, in half an hour.

Vseobecna uverova banka and Stadtsparkasse München have both been keeping the sub-benchmark covered bond market busy with deals this week.

Slovenia tapped two euro bonds for €700m this week to exchange investors out of some of its dollar debt, in a move that bankers said shows the issuer is one of Europe’s most astute borrowers.