Central and Eastern Europe (CEE)

Russian fertiliser producer EuroChem has signed a €200m club loan through its European subsidiary to cut costs, but the deal still carries Russian risk, bankers say.

The Hungarian Development Bank has mandated three banks for a global investor call in the hope of drumming up enough demand to print a euro-denominated Reg S bond.

New Europe Property Investments (Nepi) successfully priced a euro debut deal more than a year after first approaching investors.

Military tension with Turkey sent Russia’s credit default swap spread wider this week but Russia’s apparent rapprochement with the west has seen investors treat Russian bonds in a much brighter light.

Holders of City of Kiev’s Eurobonds could reject restructuring proposals at a meeting in London on December 8, according to analysts in Ukraine.

Hungary is planning a renminbi-denominated government bond in the hope of laying the foundation for eastern European entities to borrow from the RMB market and encourage related investment activity, its Ministry for National Economy said this week.

Support from US fund managers helped Macedonia price a new sub-benchmark euro-denominated deal comfortably inside initial price thoughts on Tuesday despite rising geopolitical risk.

A list of 27 Russian banks and corporates have set up the Analytical Credit Rating Agency, and staffed it with some of the biggest names in the Russian capital markets. But while Russia needs a domestic ratings agency more than ever, its biggest challenge will be establishing credibility.

New Europe Property Investments (Nepi) successfully priced a euro-denominated debut deal more than a year after first approaching investors in Europe.

Turkey shot down a Russian warplane on Tuesday morning near its border with Syria. The response to the attack in the bond market has been muted.

Russian lender VTB is expanding its China offering to meet rising demand from Russian corporates and financial institutions for RMB trade and investment services. GlobalRMB spoke to Alexander Dmitriev, global head of financial institutions at VTB, to discuss the bank’s China strategy and the challenges it faces.

Romania-based New Europe Property Investments (Nepi) has returned to the international bond markets, releasing initial price thoughts for a 5.25 year euro senior unsecured deal, almost exactly a year after it last tried to tap the market and with a refreshed set of lead managers.