Central and Eastern Europe (CEE)

Ukraine made a barnstorming return to the international bond market this week and extended its curve to 15 years, though the new deal has slipped below reoffer in the secondary market.

Turkish banks are continuing to attract international lenders to their loan financings. Several deals this year have had dozens of arrangers.

PKO Bank Hipoteczny extended its covered bond curve this week with a deal that was more widely distributed and attracted more demand than any of its previous deals.

Slovenia has set final terms on a €700m combined tap of its 2027 and 2040 notes, with leads expecting the trade to have wrapped up by early afternoon on Wednesday.

Another elusive name was traded in the equity blocks market on Tuesday night, when Aeroflot Russian Airlines, Russia’s national carrier, came to market to sell 53.7m treasury shares worth Rb9.8bn ($169m).

Corporate issuer debuts and long awaited sovereign market returns have given emerging market investors an array of trades to look at this week, surprising some who thought they were in for little more than watching the US Federal Open Markets Committee meeting on Wednesday.

Trade between Russia and China has slowed over the last few years, hurt by a depreciating renminbi and domestic economic challenges in both countries. But the trend has now largely reversed — and dealmaking between the two countries is booming.

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

On Monday evening, Telia, the Nordic telecoms group, launched another large block trade of shares in Turkcell, the leading mobile phone operator in Turkey.

Turkey’s Yapi ve Kredi Bankasi has put its second refinancing loan of the year in motion with banks expected to respond by Wednesday.

Ukraine opened books on its first Eurobond since 2013 on Monday, with the pricing labelled both “attractive” and “silly” by different corners of the market at initial price thought levels.

The EM bond market is primed for trades this week, though syndicate bankers said that there were few names ready to pull the trigger other than Ukraine and the Islamic Development Bank (IDB), which have already hit screens.