Central and Eastern Europe (CEE)

Bankers are pointing to sovereigns from central Eastern Europe as the best hope for CEEMEA supply although much of the region is bound by the uncertainty of when the US will start to raise rates.

State Savings Bank of Ukraine (Oschadbank) has finished exchanging its 2016 and 2018 Eurobonds into new 2023 and 2025 notes.

Poland made sure CEEMEA was not left out of the September restart rush on Wednesday, but more traditional emerging markets are likely to be left sidelined until after the US Federal Reserve decides to raise interest rates, said debt bankers.

Russia’s Vnesheconombank is in talks to sell Panda bonds, but the note will be placed next year at the earliest, said a source close to the borrower.

Gazprom is planning to issue a Eurobond in the last quarter of this year, and has been in preliminary discussions for a size of €500m-€700m for the deal, according to a source with knowledge of the company’s plans.

Rarely has confidence in equity markets been more savagely battered during August than this year. But hopes that issuance of new deals will be able to continue in the September-December season were raised on Tuesday by the launch of investor education for two IPOs.

Estonia's Eesti Energia is looking to print a euro denominated Reg S bond.

Russian steelmaker Evraz signed two bilateral loans this month and is in the market for a bigger syndicated deal, according to bankers, while its competitor NLMK is still in talks with banks after trying to issue a syndicated loan for two years.

Russian mining company Norilsk Nickel is undertaking series of investor update meetings in early September.

The governments of Indonesia and Russia both signalled earlier this week that they are considering issuing renminbi denominated bonds. If the plans go ahead, these will be the third and fourth RMB deals from a foreign sovereign after the UK and Mongolia governments. However, FX volatility means now is not the best time to pull off a RMB deal.

Ukraine debt has rocketed in value on the understanding that the country's Ministry of Finance has reached an agreement with its ad hoc creditor committee, settling on a 20% haircut on $18bn of debt.

Ukraine debt has rocketed in value on the understanding that the country's Ministry of Finance has reached an agreement with its ad hoc creditor committee, settling on a 20% haircut on $18bn of debt.