Central and Eastern Europe (CEE)

If any proof was needed that the “spirit of sanctions” has thawed in the capital markets, $3bn of Russian Eurobonds in one week should be it. Russian borrowers have had their busiest week by volume since the heady days of April 2013, and there is plenty more to come, writes Virginia Furness.

Ukrainian poultry producer MHP this week reaped the rewards of an unsullied history of debt servicing in the form of tight pricing on its first dollar bond for more than four years.

Yapi ve Kredi Bankasi said it plans to press ahead with its debut euro covered bond, and after getting regulatory approval Turkiye Is Bankasi (Isbank) has had its programme rated by Moody’s.

As many look on in horror at Turkey’s slide towards autocracy, investors are showing few qualms by piling into the country’s debt. State-owned Ziraat Bank was able to cut through political noise to print with no new issue premium this week. But lower rated banks are lining up to test just how far this demand extends down the ratings scale.

The Croatian government-appointed extraordinary commissioner for troubled supermarket group Agrokor called on group subsidiaries to convene general assemblies to appoint new auditors as it said that it found "potential errors” in the group's 2016 accounts.

Turkiye Is Bankasi (Isbank) has had its mortgage covered bond programme signed off with the Turkish regulator and this week had the programme rated by Moody’s.

Ukrainian poultry producer MHP emerged with pricing for only the second corporate Eurobond from the country on over three years on Thursday morning.

AlixPartners, the restructuring adviser, has been chosen by the government’s appointed commissioner, Ante Ramljak, for the restructuring of the debt-ridden Croatian food company Agrokor, according to a statement from the company.

Credit Bank of Moscow (CBM) is released price talk for its first Basel III compliant additional tier one (AT1).

Turkey’s Ziraat Bank cut through questions about its ownership within Turkey's new sovereign wealth fund to print $600m at no extra cost on Tuesday.

Russian coke and iron producer Industrial Metallurgical Holdings (Koks) emerged with pricing on Thursday for a new five year dollar note.

Russian corporates are once again at the forefront of issuance in emerging market bonds, raising $1.8bn already this week. With KoKs and Credit Bank of Moscow out with guidance on Wednesday, April is set to be a golden month for Russian issuers.