Central and Eastern Europe (CEE)

Luminor Bank was more than 3-1/2 times subscribed on its return to the euro market on Wednesday, allowing it to demonstrate a year-on-year improvement in its senior funding costs.

Turkey raised a dollar bond on Tuesday, pricing $2.25bn of 10 year funding flat to its curve, demonstrating that investors believe it is recovering after a period of financial peril.

After a decade of slumber, the market for euro-denominated Hungarian covered bonds could be poised to reopen. Hungary covered bonds may have a low country ceiling credit rating but the market is well protected and could offer positive yields.

CEEMEA sovereign borrowers extended their last minute funding spree this week with Romania joining Ivory Coast in the primary bond market.

Less than a week after Turkey made a long desired increase in interest rates hike, the sovereign has returned to the bond market for a last gasp bond deal before the market starts to run down for the year. The situation is giving market insiders confidence that Turkey is returning to orthodox policy making.

Ozon, the Russian e-commerce company, completed its IPO on the Nasdaq on Tuesday having built a huge order book for the stock.

The Republic of Serbia this week raised a dollar bond in its second offering of the year, in what has been an exceptionally busy year for central and eastern European sovereign issuers.

The Central Bank of the Republic of Turkey delivered a much anticipated interest rate hike on Thursday, fulfilling market watchers' hopes that the country will reform its way to economic recovery. A trip to the primary bond market for the sovereign could be imminent.

With the inauguration of US president-elect Joe Biden in January will come increased expectations of further sanctions against Russian figures and corporates. Russian issuers should take advantage of the rally initiated by Biden's election performance and follow their sovereign into bond markets to raise cash while the going is good.

Sistema, the Russian diversified holding company, has raised a sustainability-linked credit line through the country's largest lender, Sberbank. Though there has been an increase in sustainability-linked financing in Russia, this deal marks the first ESG-linked loan between a domestic corporate and borrower.

Turkey could be on track for one of the most remarkable emerging market recoveries of the year, after a shake-up of top officials signalled a return to orthodox monetary policy, inspiring confidence among investors. With the lira starting to recover from record lows, bond market insiders anticipate a new issue before the end of the year. Mariam Meskin reports.

İşbank, Turkey's largest private bank by assets, has raised a dual tranche syndicated loan, with margins that were priced "fairly" considering the country's credit risk and general market conditions, according to bankers.