Central and Eastern Europe (CEE)

After several years financing in the domestic and Asian markets, Hungary turned its attention to the next stage of reducing its external liabilities this week, and was overwhelmed by the positive response to its dollar euro switch, György Barcza, chief executive of Hungary’s debt management agency (AKK), told GlobalCapital.

Turkish oil refiner Tüpraş will start roadshowing a 10 year dollar bond on Friday, but the issuer’s links to Iran are expected to raise questions on the roadshow.

Czech rental housing company Residomo is marketing a €680m seven year non-call three year senior secured bond that is expected to garner interest from global high yield accounts and emerging market investors.

Hungary had taken books of €5.75bn for its new euro benchmark on Wednesday, after announcing that investors had agreed to tender $3.3bn of its outstanding dollar notes.

Turkey’s Vakifbank has signed its second refinancing facility of the year for $891m equivalent, with a bigger euro tranche than its previous facility, showing banks' preference for financing in euros over dollars.

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.