Central and Eastern Europe (CEE)

Sovcomflot, the shipping company majority-owned by the Russian state, is planning to enter the debt capital markets. But the dollar bond mandate comes at a tricky time as military escalation between Russia and Ukraine has caused investor confidence of assets on both sides to fall.

Segezha, the Russian paper and pulp company, has filed initial paperwork for an IPO on the Moscow stock exchange. The company is hopeful of becoming the first listed Russian company in its sector, but IPO market turbulence and sanctions fears hang over the offering.

Slovakian lender Tatra Banka is hoping to launch its debut green bond in euros this week, with deal arrangers urging rare issuers to take advantage of quieter markets in the run-up to results season.

Turkish lender Akbank has managed to roll over a syndicated loan, which also marks its debut piece of ESG financing. However, pricing widened beyond expectations owing to heightened volatility in both domestic and international markets.

Romania this week returned to the international debt markets to issue euro-denominated bonds.

Market participants are bracing themselves for the Central Bank of the Republic of Turkey’s monetary policy meeting next week, which they hope will result in interest rates being held. Though market access for the sovereign remains difficult, markets are showing some signs of stabilisation.

Mobile TeleSystems, Russia’s largest mobile operator, has sold a social bond in roubles, as it became the latest major Russian corporate to foray into ESG financing. The issuer has not ruled out a return to international markets, although in recent years it has pivoted towards domestic funding.

Nordgold, the Russia-headquartered gold mining company, has become the latest borrower from the country to enter the green financing market after it raised an ESG-linked syndicated loan.

Fix Price, the Russian discount retailer, became a public company at the beginning of March in a $1.9bn IPO on the London Stock Exchange. Its CFO Anton Makhnev sat down with GlobalCapital to discuss the deal.

Play, the Polish mobile network operator, has raised a syndicated loan from European banks, according to sources, while total volumes from central and eastern Europe’s biggest economies have been low so far this year.

GV Gold, the Russian gold miner, has postponed its listing on the Moscow Stock Exchange as a difficult IPO market and falling prices in the precious metal force the company to rethink its plans.

Russian borrowers are swarming the loan market despite a broader decline in emerging market loan volumes. Borrowers are pushing for tighter margins and longer tenors, as they grapple with the effects of the Covid-19 pandemic and fresh US sanction threats.