Central and Eastern Europe (CEE)

GetBack, the Polish debt collection company, has priced its Warsaw IPO at the bottom of the range, in a further sign of the variety of outcomes in the present flotation season.

Turkish bank refinancing season ramped up once again after a lull in activity, with ING’s Turkish branch signing a $536m refi on Tuesday — a day after Turkiye Sinai Kalkinma Bankasi signed a $297m refi.

Gazprom will return to Switzerland next week for roadshows in Geneva and Zurich. And, as retail taste for sub-investment grade credit grows, the bookrunners are confident the Russian gas firm will attract demand.

Emerging market issuers recorded their busiest June on record with $44bn printed across all regions, a feat made more eye popping because issuance in June between 2011 and 2016 averaged less than half of that amount, according to analysts.

Turkey’s first privately owned development and investment bank Turkiye Sinai Kalkinma Bankasi (TSKB) has refinanced a loan which matured last Wednesday with a $297m facility from a syndicate of 18 banks.

Investors responded to the news that the International Monetary Fund will likely delay a $1.9bn tranche of its bailout for Ukraine by saying the country has no chance of issuing a bond until the payment clears.

Activity in the CEEMEA primary market is likely to be loaded towards the back end of this week, according to bankers, as roadshows end and issuers dodge around macroeconomic events and holidays in the US.

Hungarian haulage firm Waberer’s International priced its Huf22.6bn (€73.1m) IPO today after slashing the amount of secondary shares on account of tepid demand, though the bookrunners said the outcome was favourable in the end.

Raiffeisen Bank Polska’s IPO on the Warsaw Stock Exchange, which kicked off on Thursday to raise up to Z947.8m (€224m), is expected to be a mainly local affair, said bankers close to the deal.

Russian steel and mining company Evraz has dumped plans to raise $500m through a pre-export finance facility (PXF) and decided instead to tap into local bank funds with more attractive terms.

Polish utility company Tauron Polska Energia moved pricing 17bp on Wednesday to raise €500m with a 10 year note, despite a large sell-off in Bunds on Tuesday.

Sanctions on Russia could be tightened following a bill that passed the US Senate nearly unanimously in mid-June, but even though some commentators are sceptical that they will be implemented, VTB head of global banking Riccardo Orcel said that it won't stop the Russian state-controlled bank’s expansion into new markets.