Central and Eastern Europe (CEE)

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.

Akbank has sold its first mortgage-backed covered bond. The deal, which will fund green projects, was privately placed with the European Investment Bank.

The Czech Republic has proposed several legal amendments that will bring its existing covered bond regime into line with the European Banking Authority’s best practice guidelines and which, along with similar moves in Slovakia, will help catalyse new covered bond supply from the region.

Changes to the list of collateral eligible for repo with the Russian central bank could cause a spike in spreads on local currency bank bonds and push more lenders towards the international markets, analysts said this week.

Türk Eximbank’s second entry into the syndicated loan market this year has been a success, with 23 banks signing for $640m on Tuesday — more than double the initial size when the deal was launched in June.

Pricing on Akbank’s one year loan refinancing 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.

United Biscuits, the maker of McVitie’s biscuits and Jacob's crackers, is to sign a £725m syndicated loan facility in the coming weeks to refinance a loan taken out in 2015 to fund its acquisition by Turkey’s Yıldız Holding.

Turkey’s Coca-Cola İçecek (CCI) is set to offer investors a rare chance to buy Turkish corporate debt, and has announced its intention to raise up to $1bn from the bond markets within the next year.