Central and Eastern Europe (CEE)

Hungary’s second largest corporate communications provider Invitel is due to sell down a €130m syndicated loan facility issued in January to fund its change in ownership from Mid Europa Partners to China-CEE Investment Cooperation Fund.

Flows into emerging market bond funds remain strong, and with a heavy pipeline building for September, investors will have plenty of opportunities to put their money to work. But with no new issues this week, investors were combing through Q2 results looking for opportunities to switch up portfolios.

Akbank, one of Turkey’s largest banks, has secured another $1.2bn facility for this year in its second round of refinancing, proving the credit is still an attractive prospect for the market.

Russian fertiliser company EuroChem is due to sign a loan in three weeks’ time to refinance $325m of a $500m bond it launched in June as well as previous loan facilities.

HSBC has restructured its global banking Middle East, North Africa and Turkey arm under Matthew Wallace, head of global banking MENAT, according to an internal memo seen by GlobalCapital.

Grain and sunflower oil producer Kernel is in talks with international banks about coming to the market this year with a new syndicated loan.

Turkish oil refiner Tupras has received approval from the Turkish Capital Markets Board to issue up to $1bn of external debt as the non-financial corporate pipeline builds in Turkey.

Pricing on Turkey’s major banks’ one year loan refinancings has dipped by 10bp as political turmoil in Turkey appears to have died down since president Recep Erdoğan won a referendum to consolidate power in April.

Three of Turkey’s smaller financial institutions — Yapi Kredi Finansal Kiralama, the leasing arm of Yapi Kredi, Alternatif Bank (Abank) and Şekerbank — have come to the loan market with higher pricing than their bigger bank counterparts.

Supply of Russian Eurobonds is expected to remain healthy through to year end, with debt bankers this week mainly dismissing concerns that enhanced US sanctions and changes to local repo eligibility criteria could curb demand after the summer break.

Another one of Turkey’s smaller banks, Şekerbank, has signed a €77.5m loan with margins in line with its peers.

Vakifbank has launched its second round of refinancing with its pricing 10bp lower than its $967m facility in April, mirroring Akbank’s new loan margins.