Central and Eastern Europe (CEE)

Bulgaria opened books on a dual tranche euro denominated note on Monday, becoming the first CEEMEA name to pounce on the post-European Central Bank (ECB) meeting relief rally.

In this round-up, Malaysia opens RMB qualified foreign institutional investor (RQFII) applications, Macau launches a RMB real time gross settlement (RTGS) payment system, China Construction Bank (CCB) will join the new London silver fix, and the Singapore Exchange (SGX) reported a strong start to RMB currency futures trading in 2016. Plus, a recap of GlobalRMB's top stories this week.

CEE sovereigns rallied on Thursday in response to Mario Draghi’s plans to extend quantitative easing. But while some emerging markets bankers were hitting the phones to line up trades next week, others were less convinced that the news would have any impact on issuance.

Bulgarian Energy Holding has picked lead banks for its €650m loan, after taking six months and being downgraded during the arranging process.

Ukraine poultry producer, MHP has finally secured bondholder approval to amend its $750m notes due 2020, though bankers close to the deal said they knew it would be "rejected the first time."

KOKS Finance and Dubai Holding are looking to buy back part or all of their dollar notes due 2016 and 2017, respectively.

Holders of $750m of Ukrainian poultry producer, MHP’s debt have refused to accept amendments to the bond which would prevent a covenant breach.

In this round-up: Hong Kong cross-border trade settlement fell again at the start of the year, RMB deposits were steady in Hong Kong but falling in Singapore, Brics New Development Bank will set up in Shanghai, and PBoC said a swap line with Bank of Russia had been activated. Plus, a recap of our top stories this week.

Russian gas company Gazprom has raised €2bn ($2.2bn) from Bank of China, marking its largest fundraising directly from a single financial institution and its first bilateral loan from a Chinese lender.

The State of Montenegro locked down €300m towards the refinancing of the €390m of Eurobonds it has maturing in April on Thursday, but was unable to crunch pricing tighter inside initial guidance released earlier in the day.

Montenegro has released initial price thoughts for a five year euro denominated bond at 6% area, offering around a 50bp new issue premium, according to a banker away from the deal.

Bodgan Klimaszewski is no longer deputy director of the public debt department. Instead, Robert Zima has been promoted into the job.