Central and Eastern Europe (CEE)

Turkey’s Elazig Hospital has placed an innovative project bond, the structure of which enabled it to achieve a rating two notches above the Turkish sovereign. With infrastructure financing needs huge in the emerging markets, the deal sets a strong precedent for future issuance.

Poland delivered a keenly priced green bond debut on Monday in the brief window before the US Federal Open Markets Committee meeting on Wednesday. Now attention in CEEMEA bonds has fallen upon next year's issuance pipeline.

Eurohold, the unrated Bulgarian insurance and leasing group, refined guidance on Tuesday for a €50m five year EMTN to 8.25% area and said indications of interest were in excess of €45m.

Russia is planning to launch its first renminbi denominated bond on the Moscow Exchange in early 2017.

Having issued twice in the Eurobond markets last month, Russia's Gazprom has turned its attentions to the loan market with an €800m four year deal.

Poland raised €750m from its debut green bond on Monday which was allocated 61% to green accounts. The sovereign claimed that it was able to print flat to inside where a new conventional bond would have come, setting a strong precedent for future sovereign green issues.

Republic of Poland has opened books on its debut green bond, marketing the deal with a “sensible” a 20bp-25bp premium, according to emerging market bankers.

CEE insurer Eurohold Bulgaria has opened books on a five year Eurobond at low to mid 8%. The unrated issuer is expected to print as early as this week.

Vladimir Lisin, the Russian billionaire, has sold a 1.5% stake in Novolipetsk Steel (NLMK), the Russian steel producer he controls, for $156m, through an accelerated bookbuild launched on Thursday night.

UniCredit turned to the equity-linked bond market on Thursday to dispose of its last 7.4% stake in Bank Pekao, after agreeing to sell 32.8% of the Polish lender to insurance company Powszechny Zakład Ubezpieczeń and the Polish Development Fund, for Z10.6bn (€2.4bn).

In this round-up, China saw another sizeable drop to its foreign exchange reserves in November, the Shenzhen Connect saw subdued trading activity in its first four days, and Egypt signed its first currency swap line with China. Plus, a recap of our coverage this week.

Poland’s plans to issue the first ever sovereign green bond surprised supporters and sceptics alike this week. Climate finance experts are hopeful that the deal marks a major shift in Polish policy to a greener future after the government initially resisted ratifying the UN’s Paris Agreement, writes Virginia Furness.