Central and Eastern Europe (CEE)

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.

Ukrainian energy company DTEK is looking to dispose of several assets which will enable it to cut its debt burden by 17%. It has given investors until June 29 to agree to the sale.

Poland is looking to join the club of Panda bond issuers, having signed up Bank of China to lead its transaction. But the sovereign plans to swap the renminbi proceeds back into euros as it has little need for the Chinese currency.

PKO Bank Hipoteczny, Poland’s largest mortgage lender, has issued a well oversubscribed, tightly priced and broadly distributed covered bond, which sets an encouraging prelude for an expected inaugural euro benchmark deal later this year.

Emerging market credit has ridden the uncertainties of the UK’s European referendum this week and made considerable gains on Monday and Tuesday as support for Remain edged ahead in polls.

Uranium One, the Russian state mining company, is offering to buy back some of its dollar bond due 2018.

Bank of China said on Tuesday that it has signed a memorandum with the Poland Ministry of Finance to work on the sovereign’s upcoming Panda bond.

Several Russian companies are considering issuing Eurobonds following the successful placement of nearly $2bn of corporate paper from the country this month, according to analysts.

The Panda bond market has been gaining plenty of attention ever since the asset class rebooted last year with many issuers eyeing it as a good opportunity to tap into the Chinese investor base. Looking to join the club is Poland, although the country has little need for renminbi and will be swapping the proceeds back into euros.