Central and Eastern Europe (CEE)

‘Business as usual’ was the tone this week in emerging markets, after last week’s losses were reversed and mandates began trickling through from across CEEMEA.

Gazprom printed a further Swiss franc bonds on Thursday. The deal was less reliant on Russian lenders to reach the Sfr500m ($517.9m) capped size than its previous two Swiss bonds, as Gazprom has developed a strong reputation among Swiss, and wider European, retail lenders.

The Polish subsidiary of Commerzbank, mBank, has published the base prospectus for its €3bn covered bond programme, suggesting it could be ready to start a marketing drive leading to its first euro-denominated publicly syndicated deal.

Play Communications, the Polish mobile network operator, has narrowed the price range on its Z3.5bn ($1bn) IPO to Z36 to Z38, in the bottom half of the initial Z34 to Z44 range.

GetBack, the Polish debt collection company, plans to follow up its Warsaw IPO with a euro denominated senior bond.

With a dearth of emerging market bond supply defining the start of the week, it was left to high yield issuers to provide something for EM investors to get their teeth into as United Group, a cable operator in Eastern Europe, became one of five HY mandate announcements announcements on Monday.

Lietuvos Energija group exceeded expectations to print a larger than expected €300m 10 year green bond on Friday. The deal is the first international green bond from a CEE corporate borrower.

China’s FX reserves gained $3bn in June, the UK’s renminbi deposits grew in the first quarter of 2017, and China and Russia agreed to establish a joint investment fund for Belt and Road infrastructure projects.

In one of the liveliest weeks for Polish IPOs for years, Raiffeisen Polska’s flotation was pulled, debt collector GetBack priced its listing at the bottom of the range, and Play Communications, the mobile phone company, achieved a covered book on the market’s biggest IPO for five years.

Agrokor, the troubled Croatian food company, has announced that over 20 lenders have agreed to provide €320m of new funds by the end of this week.

The IPO of Play Communications, Poland’s second largest mobile network operator, is covered at its base size, three working days into the bookbuild.

Shares in Waberer's International, the Hungarian haulage firm, closed 0.5% above their offer price when they began trading in Budapest on Thursday, after the company restructured its IPO during bookbuild due to weakened investor sentiment towards east European issuers.