Central and Eastern Europe (CEE)

Polyus Gold, Russia's largest gold producer, showed little regard for leaving something on the table for investors on Wednesday as it screwed pricing in for its new six year note. But investors will support the trade regardless, said emerging markets bankers.

Pehart Tec Group, a Romanian tissue paper manufacturer, has agreed a €24m syndicated loan with three banks.

Turkey found itself firmly in junk territory on Friday after it lost its last investment grade rating from Fitch, but the issuer’s CDS has tightened in response and as Turkey’s blowout trade on January 18 attests, it always has the capability to fund.

Rating downgrades on Friday for Turkey sovereign debt have not dented the appetite of the country’s banks to borrow, with two firms said to be joining Akbank in pursuing loans.

Rating: B/B+

Agribusiness Kernel proved the right credit to bring Ukrainian corporates in from the bond market on Tuesday. After a rough ride of corporate restructurings, the inaugural issuer was able to garner the confidence and trust of investors to raise $500m.

Russian supply returned to the eurobond markets this week with a hugely successful debut deal from aluminium producer Rusal and the promise of further dollar supply from Polyus Gold.

After a raft of highly rated sovereigns, two single-B rated borrowers appeared this week to offer the first opportunity to buy true emerging market credit from the CEEMEA region this year. One deal was a record for its type while the other reopened a market dormant for years. Virginia Furness reports.

Aggressive manoeuvres on a loan supporting Glencore and the Qatar Investment Authority’s buyout of a stake in oil company Rosneft could result in the deal going to Russian state lenders, with international bank officials questioning whether there will be enough relationship business to justify the exposure and reputational risk.

Akbank plans to launch the first of its semi-annual one year refinancings early next week in the loan market’s first chance this year to gauge appetite for Turkish risk, but there is already a clear indication already that longer tenors will be challenging.

Detsky Mir, the Russian toy retailer, has announced the price range for its Moscow IPO, which could value the business at up to Rb77.6bn ($1.3bn).

Russia’s Rusal was on track to print the first corporate bond from the region of 2017 on Thursday but with 13 banks on the trade, the pricing debate was proving to be furious.