Central and Eastern Europe (CEE)

Arçelik, the Turkish household appliance manufacturer that owns Beko and Grundig, is set to make its mark in the green bond market. The deal, some say, will be a test of investor appetite for Turkish corporate paper, which so far has been strong, despite the heightened volatility affecting the country in the first four months of the year.

Momentum is picking up among Russian borrowers seeking to raise green or ESG-linked loans. Sibur, the petrochemical company, is the latest borrower to enter the market, which bankers say is attracting companies from all over the spectrum.

Russia has mandated an exclusively Russian consortium of banks to arrange a euro bond issue. Market participants say the extra cash is not necessary but is Russia’s way of demonstrating its access to markets a month after its sovereign debt was slapped with further US sanctions.

PKN Orlen, the Polish oil refiner and petrol retailer, began marketing its debut green bond on Monday, a €500m no-grow seven year. Issuing a green bond would be a bold move for an oil company, but PKN Orlen is being conservative about the assets included and has obtained certification from the Climate Bonds Initiative.

A deal-hungry retail investor base provided crucial support for a strong first few months of the year in Russian equity capital markets, and sources in Moscow are hopeful that the momentum will carry on through 2021 as the political noise that threatened to derail the market subsides.

Pepco, the Polish discount retail group, has priced its IPO on the Warsaw Stock Exchange at Z40 a share, valuing the company at Z23.0bn (€5.1bn).

MAS Real Estate is the latest emerging markets issuer to have issued paper linked to environmental, social or governance factors. However, EM investors are demanding more ESG paper to match the levels seen in developed markets.

Turkish companies and banks are succeeding in raising funds in international debt markets, even as the country strays near the edge of an economic precipice and experienced investors view Turkish risk with disdain.

BCS Global Markets, the investment services division of Russia’s largest independent broker, has hired a new treasurer.

Emerging market portfolio managers say that their confidence in buying assets has been restored now that US Treasury yields have stopped racing upwards. But although they say they have cash to splash, some still believe valuations are toppy.

LimakPort, the Turkish international port, entered the debt market on Tuesday, while Turk Eximbank has successfully secured a dollar syndicated loan facility. Turkish issuers are demonstrating resilience, market participants say, amid the heightened levels of domestic and political volatility in the last three months.

The Warsaw IPO of Canal+ Polska, the Polish satellite TV network, has been postponed. The deal is the latest victim of Europe's binary IPO market.