Central and Eastern Europe (CEE)

Bondholders have approved the restructuring proposal for the City of Kiev 2016s and extended the deadline for approval of restructuring of its 2015 Eurobonds.

Latvia on Tuesday sold €550m 0.5% December 2020s from a book of €1.6bn, in conjunction with a buyback of its old dollar debt, switching out some of its traditional EM investor base for new rates buyers.

Russian steel company Evraz is roadshowing a Reg S senior unsecured dollar bond through six active bookrunners and two passive, in tandem with a tender offer.

Hungarian

Hungarian Development Bank (MFB) printed on Tuesday a €300m 2.375% six year bond, in line with price guidance released earlier that day, bringing a fresh euro benchmark to the country.

Renaissance Securities is buying back $39.9m of the outstanding $146m of Renaissance Credit’s 7.75% 2016 bonds.

Latvia has named its banks to arrange a euro-denominated new issue and manage a concurrent tender offer for the country’s 2020s and 2021s.

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.