Central and Eastern Europe (CEE)

Ukraine’s government on Monday nationalised troubled lender Privatbank, but questions are as yet unanswered for holders of outstanding Eurobonds which are expected to be bailed-in, according to frontier markets investment firm Exotix.

Turkish participation bank Turkiye Finans (TFKB) has agreed a $180m Islamic club loan with similar pricing to its loans in recent years, despite sector-wide downgrades for Turkish banks after a turbulent year in the country in 2016.

Poland broke new ground this week, issuing the first ever sovereign green bond. The deal offers a template to future sovereign borrowers, even though some dedicated SRI accounts would like to see future issuers more clearly identifying projects to finance, writes Virginia Furness.

Emerging markets bonds sold off after the US Federal Reserve indicated a more hawkish tone on Wednesday — but much like what happened after the Brexit result, spreads came off their wides quite quickly.

It’s that time of year when analysts dust off their crystal balls and make predictions for the next 12 months. In December 2015 not many were forecasting that Britain would vote to leave the EU, and even fewer were betting on a Donald Trump presidential victory, so investors would be wise to treat such missives with caution. Political risk is a capricious beast, even for the most seasoned market observers.

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.