Central and Eastern Europe (CEE)

Several FIG issuers across CEEMEA entered bond markets to raise cash this week. Meanwhile, the pipeline for bank issuance is strong as issuers take advantage of attractive market conditions to bolster reserves.

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Anadolu Efes, the Turkish brewer, returned to the market this week to issue a new bond and launch a tender for its dollar debt. Investors say it is one of the more attractive credits from the country, despite domestic economic volatility.

Gazprom ended a three year absence from the Swiss franc market this week by attracting a large amount of retail participation in a Sfr600m ($653.4m) deal that launched at an attractive spread.

The Republic of Slovenia debuted in the sustainable bond market this week when it sold its third debt offering of the year. It is only a matter of time, bankers said, before sovereigns across central and eastern Europe embrace the ESG debt markets.

More emerging market issuers will issue convertible bonds following landmark deals in Turkey and the United Arab Emirates in recent weeks. The asset class is seen as a way for EM companies to raise capital while avoiding rising interest rates and to showcase the increasing sophistication of their home exchanges. Aidan Gregory reports.

ING Turkey, a subsidiary of the Dutch banking group, has signed an ESG-linked syndicated loan, making it the latest Turkish lender to embrace labelled debt, a trend that bankers insist is motivated by a commitment to sustainability and not simply an attempt to lower pricing.

Burcu Korkut, an experienced EMEA emerging markets fixed income salesperson, is leaving Credit Suisse for a leading role at Barclays.

The Republic of Slovenia was selling its third bond of the year on Wednesday — a debut sustainability offering. The sovereign, which many investors categorise alongside western European investment grade sovereigns, was set to price the deal tight.

Polyester producer Sasa has placed the first convertible bond by a Turkish listed issuer, raising €200m, as the asset class continues to grow in popularity.

Baltics Classified Group, the online classified advertising company focused on the Baltic region, has opened the books on its £238m IPO on the London Stock Exchange.

Anadolu Efes Biracılık ve Malt Sanayii, the Turkish brewer, is seeking to issue a new dollar bond as it tenders for existing debt in the currency, just days after the Turkish sovereign reappeared in the debt capital markets.