Central and Eastern Europe (CEE)
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Russian development institution Vnesheconombank signed a Rmb10bn($1.5bn) loan from 10 Chinese banks at the Eastern Economic Forum in Vladivostok this week. -
In this round-up, a third batch of free trade zones (FTZs) get set to be rolled out soon, Hong Kong RMB deposits reach a three-year low, and the RMB qualified foreign institutional investor (RQFII) scheme adds two in Singapore. Plus, a recap of GlobalRMB's stories this week.
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Institutional investors turned out in force for Slovenia’s euro market return on Wednesday, allowing the sovereign to tighten pricing by more than 10bp.
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Türk Ekonomi Bankasi (TEB) and Vakifbank have adopted margin ratchets in their latest loans as a swathe of Turkish banks face ratings downgrades.
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Turk Ekonomi Bankasi (TEB) has signed a $567m loan, led by seven bookrunners, which includes the same margin ratchet as other Turkish banks Akbank and Vakifbank.
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Big bids from across Europe allowed Slovenia to tighten pricing by more than 10bp on its euro market return on Wednesday.
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Slovenia became the first central and eastern European name to tap the core currency markets after the summer lull on Wednesday with a reopening of its €1bn March 2035s.
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The margin for Vakifbank’s latest loan will increase if the bank is downgraded, the move follows Akbank which set the trend for the ratchet earlier this month in the face of ratings downgrades for Turkish banks.
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Bharat Petroleum Corp (BPCL), which sent out a request for proposals for a $750m borrowing in July, is said to be planning to raise the money from three banks on a bilateral basis, as opposed to a syndication.
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Sukuk stepped into the spotlight after JP Morgan decided to include Islamic bonds in its EM bond indices, but while eligibility will give the asset class a boost, it will be a while before the product is more broadly used.
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Loan bankers expect more activity from Russian borrowers in the final months of the year, as Norilsk Nickel prepares to come to the market and rumours circulate of a large M&A financing.
