Central and Eastern Europe (CEE)
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Moody’s has assigned a provisional Baa1 rating to the mortgage backed covered bonds of Yapi ve Kredi Bankasi and the issuer has published its base prospectus, suggesting it could soon be ready to issue. -
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After a three month hiatus, an attempted coup and a sovereign downgrade, Turkish credit is back in the market with three bank trades and two mandates this week alone. But while the sovereign printed a successful $1.5bn last Friday, investor fatigue is translating into lacklustre trades, even though premiums are up.
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The supply of Russian bank paper looked set to continue as three more lenders lined up for dollar deals.
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Strong demand from domestic investors helped Polyus Gold price a new dollar deal inside its existing curve on Wednesday, as reports circulated of imminent supply from a pair of Russian corporate giants.
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Poland cemented its position as one of CEE’s most nimble and savvy issuers on Tuesday by printing a 30 year euro deal — only the second ever from a non-Eurozone sovereign — in an opportunistic trade.
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Polish banks will be anxious to follow PKO Bank Hipoteczny which on Monday enjoyed a superb reception for its euro benchmark covered bond — the first from the country. Bill Thornhill reports.
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Strong demand from domestic Russian investors helped Polyus Gold price a new dollar deal inside its existing curve on Wednesday.
