Central and Eastern Europe (CEE)

State-owned Russian transport leasing firm State Transport Leasing Company (STLC) will meet investors for its second dollar bond from Friday.

Garanti Bank on Tuesday raised $750m with the tightest priced Turkish tier two on record which was testament to the level of comfort investors now have with the product, according to bankers leading the transaction who conceded that the global credit rally had also helped.

Emerging markets bond bankers can think of nothing to derail the ongoing bull-run and while this might point to hubris, this week’s trades have given no indication of fatigue.

Orders of over $2.2bn had enabled Turkey’s Garanti bank to crush the yield on its debut tier two as it looks on course to print with the lowest ever coupon for a new style Turkish tier two bond.

Turkey’s largest private sector bank, Turkiye Is Bankasi (Isbank), signed a $1.3bn syndicated loan on Monday, bringing the first round of Turkish bank loan refinancings this year to an end.

Slovenian Sovereign Holdings (SSH), which manages Slovenian state assets, has begun the privatisation of Nova Ljubljanska Banka, the country’s largest bank, having published an intention to float document on Monday morning.

Turkey’s Garanti Bank is expected to capitalise on the strong rally in emerging market credit to print its debut Basel III-compliant tier two capital bond this week, and bankers are wondering how much of the recent market tightening will be seen in the price.

Global Ports Holding, the Turkish company that owns 15 ports in the Mediterranean and further afield, has priced its London IPO just above the bottom of the range, achieving a £465m market capitalisation. The shares are trading up about 1.75%.

Turkey’s largest private sector bank, Türkiye İş Bankası, is due to sign a syndicated loan on Monday, which rounds up the last of Turkey’s larger financial institutions’ refinancings this spring, according to a banker on the deal.

Digi Communications, the fast-growing Romanian telecoms and media group, has successfully completed a €190m IPO, the first from the country this year, despite being hit during the bookbuild by news that some of its senior executives were being investigated for bribery and money laundering, and the fact that voting rights remain controlled by the founder.

Agrokor, the troubled Croatian food conglomerate, has posted a breakdown of its debt, three days after Standard & Poor's downgraded it from CC to selective default.

Turkey’s QNB Finansbank set final terms on a $750m five year bond on Thursday, leaning on the ownership of Aa3/A+/AA- rated Qatar National Bank to print inside where analysts saw fair value — despite some investors objecting.