Central and Eastern Europe (CEE)

Czech telcoms firm Ceska Telekomunikacni Infrastruktura (CETIN) attempted to throw off any emerging markets tag it bears on Tuesday, printing a €625m trade after a long marketing period tailored to investment grade funds in western Europe, according to two bankers on the deal.

It was all about the crossover trade this week in emerging market bonds. Borrowers located in EM countries, but appealing to buyers of western European credit and rates products have left EM funds have little to play with in the primary markets

The Saint Petersburg International Mercantile Exchange has started trading Russian oil futures, the first derivatives available on the product.

Since Qatar National Bank completed its acquisition of Turkey’s Finansbank this year, the acquired bank has been able to hold pricing on its annual syndicated loan steady — but most of its country’s other banks are paying more for deals this year, as lenders’ dollar funding costs have risen and the threat of downgrades hangs over Turkey.

After several weeks of discussions with investors Ceska Telekomunikacni Infrastruktura (CETIN) finally hit the screens with a new bond on Tuesday – though it had to sweeten the deal with a coupon step-up – and had pulled in over €1.4bn of orders by mid-morning.

After almost two years away from the market, Thomas Cook opened a three day roadshow on Tuesday for a new euro deal, which will redeem its only sterling bond and portions of its 2020 euro notes.

The most recent loan refinancings for Turkish banks Garanti and QNB Finansbank were seen trading at a higher level than previous newly issued Turkish bank loans, showing how concerns for the weakening lira has driven up pricing.

Eurohold Bulgaria, the holding company for one of south-eastern Europe’s largest independent insurance groups, began meeting investors on Monday before a potential euro-denominated debut bond issue.

In this Monday round-up, Shenzhen gets connected, the RMB stabilises and China capital outflows in the spotlight.

RussNeft, the Russian oil company controlled by Mikhail Gutseriev, has completed its oversubscribed Rb32.3bn ($502m) IPO on the Moscow Exchange.

In this round-up, the People’s Bank of China (PBoC) sets the dollar-renminbi fix at a new record low, a new policy push for the Shanghai free trade zone (FTZ), and the China Securities Regulatory Commission appoints two new RMB qualified foreign institutional investors (RQFII). Plus, a recap of our coverage this week.

One of the last two substantial European IPOs of 2016 looks set to be completed on Friday, when RussNeft, one of Russia’s 10 largest oil companies, floats in Moscow for at least $495m.