Central and Eastern Europe (CEE)

The latest loan refinancings for Garanti and QNB Finansbank were trading at a higher level than previous newly issued Turkish bank loans this week, showing how concerns about the weakening lira have driven up pricing. Meanwhile smaller syndicates for Turkish bank loans will be the new normal, according to Garanti's head of financial institutions.

Garanti saw the syndicate for its latest one year loan shrink by five lenders. Other Turkish banks will have to take note as smaller lending groups are set to become a feature of their borrowing, according to the head of financial institutions at the bank.

Russian gas processing and petrochemicals company Sibur is offering to buy back for cash some of its dollar bonds maturing January 2018, the company announced on Thursday.

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.