Central and Eastern Europe (CEE)

Though many of Turkey’s borrowers are facing ratings downgrades, Turkish-Japanese tyre maker Brisa has raised $310m of loans from Japanese investors and the European Bank for Reconstruction and Development (EBRD).

Activity is ramping up in emerging markets with several mandates coming through this week. While the unrelenting buying of the asset class continues, idiosyncratic risks are a reminder of the volatility that can arise.

Slovenia intends to buy back up to $1bn of dollar denominated debt following the successful placement of a new euro bond, the country's debt office said on Tuesday.

Just over a month has passed since the attempted coup in Turkey. With a backlog of issuance from the country sitting in the pipeline, GlobalCapital discussed the investment case with four London-based fund managers.

Russian metals producer Norilsk Nickel is gearing up to launch a loan with international banks, having already secured a large unsecured facility from Chinese banks this year.

The Republic of Poland will open books on Thursday on the first Panda bond from a CEEMEA issuer and is looking to print with a 3% handle, according to a banker at one of its leads.

Appetite for the longer-dated tranche in Akbank’s refinancing was so low that the deal shrunk by more than two thirds and only received commitments in euros. The one year piece was about the same size, however.

Borrowing conditions for Russian issuers are the best they have been since 2013 and, as changes to onshore funding conditions push more borrowers offshore, several corporates as well as the sovereign are expected to raise international money ahead of US elections in November, according to DCM heads at VTB and Sberbank.

Russian steelmaker Evraz has amended its loan agreements to prevent it from breaching covenants as volatile commodity prices hit earnings.

Korea Development Bank, one of the two co-ordinating banks for Akbank’s loan, stepped away from the mandate last week, it has been revealed, after the attempted military coup left the borrower facing a rating downgrade into junk territory.

Borrowing conditions for Russian issuers are the best they have been since 2013 and as changes to onshore funding conditions push more borrowers offshore, several corporates as well as the sovereign are expected to raise international money ahead of the US elections in November, according to DCM heads at VTB and Sberbank.

The Ministry of Finance of the Republic of Poland has mandated Bank of China and HSBC as joint lead underwriters to work on the sovereign’s upcoming Panda bond.