Central and Eastern Europe (CEE)

Bank of Georgia starts the roadshow for a dollar denominated bond on Wednesday, which it will offer in conjunction with a tender offer for its $400m 7.75% 2017s. Demand is expected to be good for both deals.

Ukrainian energy company DTEK secured the approval of its bondholders to dispose of some $400m of assets which will enable it to cut its debt burden by 17% on June 30.

Ukrainian food producer Kernel has refinanced a $215m pre-export credit facility, as agricultural firms in the region prepare to launch annual financings.

Investors rejected the latest offer from Russia’s Brunswick Rail on Thursday as the fight to receive better restructuring terms on the company’s notes due 2017 continues.

Russia may benefit from UK’s vote to leave the EU as analysts suspect the resolve to maintain sanctions against the former may wain over coming months. Attention is now turning to the US presidential elections in November as another event that may corrode the West’s desire to keep sanctions.

Russian steelmarker Evraz plans to buy back what is left of its $600m of notes due 2017 it said on Wednesday.

Restructuring talks have further been delayed after holders of Far Eastern Shipping Company (Fesco)’s ruble denominated debt failed to agree to a waiver on Monday which would remove their right to claim early redemption of the notes by November 28.

Russia's Brunswick Rail has approached investors with a new offer after failing to reach a restructuring agreement with holders of its $600m bonds due 2017 after several months of negotiations. A source close to the company said that this was Brunswick Rail's last offer.

Emerging market bankers said on Monday that they are optimistic that developing market credit will hold firm as Britain forges ahead into the “world of the unknown” after voting to leave the EU on June 23. But the verdict on primary markets was unanimous: closed for the foreseeable.

Mobile TeleSystems (MTS) bought back over half of its remaining notes due 2020, the company said last week.

Emerging market bankers called Britain’s decision to leave the EU on Friday "madness" and in line with the broader global market, EM credit has lost all the gains it made last week.

Several more Russian companies could issue Eurobonds following the successful placement of nearly $2bn of corporate paper from the country this month, said analysts this week.