Central and Eastern Europe (CEE)

Alfa-Bank printed Russia’s first ever Basel III-compliant additional tier one deal on Thursday, and so popular was the deal that the issuer was able to increase the size from a planned $300m to $400m.

Lukoil capped another busy week for Russian borrowers with a tightly priced dollar 10 year that was the largest corporate bond from the jurisdiction for more than six months.

Slovenia saw strong demand on Wednesday for both parts of its third combined euro bond sale and dollar buy-back this year.

Amid rough going for new IPOs this week, one of this year’s star IPO performers, Maisons du Monde, was back in the market on Wednesday night as the global coordinators waived the lock-up to let the leading shareholders make their first block trade in the stock. Thursday brought a substantial trade in Ferrexpo, which owns iron mines in Ukraine, which got done, though at a slightly reduced size.

Alfa-Bank was on course to issue the first Basel III additional tier one trade from a Russian bank on Thursday. Despite wider rates market volatility, the deal’s execution was proceeding unaffected.

Russia’s Lukoil drew peak orders of $3.6bn for its new 10 year bond, sold on Wednesday, which allowed it to push pricing to at least 13bp inside its indicative curve. Asian demand for Russia’s premier private corporate also impressed bankers, suggesting that Russia’s capital markets reintegration is wide reaching.

Russia’s Domodedovo Airport will start meeting investors on Friday ahead of a planned five year dollar bond issue.

Credit Bank of Moscow looked set to test the limits of investor appetite for Russian bank paper on Thursday with the longest senior dollar deal from the jurisdiction since the start of the Ukraine crisis.

Shares in ConvaTec, the UK medical supplies manufacturer, traded below issue price throughout Wednesday and closed flat, a day after the firm completed the largest IPO on the London Stock Exchange since Worldpay floated for £2.4bn in October 2015.

Russia’s largest privately owned oil-company Lukoil opened books on its first bond in three years on Wednesday, a 10 year dollar benchmark offering around 100bp over the sovereign.

Slovenia was able to tighten pricing for a new 24 year euro benchmark on Wednesday morning after attracting more than €2.3bn of orders.

After a run of lacklustre Turkish bank trades, Kuveyt Turk printed on Tuesday a $500m sukuk that was nearly four times subscribed. But the success was not universal to this week's Turkish bank issuance as Sekerbank failed to haul its tier two bond over the line.